A rib eye at Del Frisco's Double Eagle Steak House. Photo: Katherine Frey/The Washington Post via Getty Images

L Catterton agreed to buy Del Frisco’s Restaurant Group for approximately $650 million in cash, or $8 per share.

Why it matters: This reflects how private equity passes around high-end steakhouses like they're a side of lobster mac and cheese.

  • Del Frisco's was once owned by Lone Star. L Catterton once backed the parent company of Fleming's. BRSR owned Ruth's Chris. Both Bunker Hill Capital and TH Lee held Smith & Wollensky. And so on.

Price talk: This is a 22% premium to where Del Frisco's was trading before announcing last December that it would explore strategic alternatives. The deal value is just a slight increase over the $629 million that Lone Stars Funds paid to buy Del Frisco's 13 years ago.

The bottom line: "Del Frisco's has been on the market for much of the year, pushed by activist investors that have soured on the company's performance, particularly since Del Frisco's used debt to pay $325 million for Barteca Restaurant Group, the owner of Barcelona and Bartaco.... The company operates 78 restaurants in its various brands and first-quarter same-store sales rose 1.3% at all of its brands," writes Restaurant Business' Jonathan Maze.

Go deeper: McDonald's latest acquisition is a game changer

Go deeper

Supreme Court expands religious freedoms in schools, employment

Illustration: Sarah Grillo/Axios

The Supreme Court ended its term with a series of rulings on religion's role in schools, the workplace and access to health care.

Why it matters: The decisions elevated protections for people and employers of faith, while curtailing those of religion teachers, the nonreligious taxpayer and women who rely on their workplaces' health care plans for contraception.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 12,573,041 — Total deaths: 561,865 — Total recoveries — 6,915,740Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,213,902 — Total deaths: 134,420 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.
  7. 🎧 Podcast: Rural America has its own coronavirus problem.

Scoop: Don Jr. plans convention-week Biden book

Cover via Don Jr.

Donald Trump Jr., in quarantine since girlfriend Kimberly Guilfoyle tested positive for the coronavirus, says he's used the time to finish a book that he'll self-publish the week of the Republican convention, at the end of August.

What he's saying: Don Jr., whose controversial blasts connect with President Trump's base, told me in a phone interview that "Liberal Privilege" will be his effort to paint a picture of Joe Biden and his record that the press ignores.