Lone Star-backed Del Frisco’s pulls $100m IPO

The steakhouse operator, acquired as part of the $600m take-private of Lone Star Steakhouse & Saloon in 2006, cited ‘current public market conditions’ in its filing with the SEC.

Del Frisco’s Restaurant Group, a portfolio company of Lone Star Funds, has pulled its $100 million initial public offering due to “current public market conditions”.

The restaurant company owns and operates steakhouse chains Del Frisco's Double Eagle Steak House and Sullivan's Steakhouse.

Lone Star Funds acquired the brands along with 39 others in the firm’s December 2006 take-private of Wichita, Kansas-based Lone Star Steakhouse & Saloon for more than $600 million.

Del Frisco’s initially filed for an IPO in October 2007 and made the most recent update to its registration in February.

Lone Star declined comment beyond Del Frisco’s filing with the Securities and Exchange Commission.

In withdrawing its IPO, Del Frisco’s joins companies including SS&C Technologies, a financial services software provider majority owned by private equity giant The Carlyle Group that withdrew its planned $200 million public float in late October.

Venture-backed IPOs have also suffered of late. This year there has been only six US IPOs backed by venture firms, according to the National Venture Capital Association.

Earlier this week, venture-backed surgical devices company Acclarent pulled its $86.25 million planned listing. The company has raised roughly $63 million to date from venture firms including New Enterprise Associates, Versant Ventures, Meritech Capital Partners and Delphi Ventures.