Houston billionaire Tilman Fertitta plans to acquire The Palm steakhouse chain out of bankruptcy in a deal worth at least $50 million, further expanding his business empire. Fertitta, who also owns the Houston Rockets, said on Friday he has signed a purchase agreement to acquire the iconic restaurant chain, whose Naples, Fla.-based licensing company filed for Chapter 11 bankruptcy last year. The deal, expected to close in mid-March, is pending final approval from the U.S. Bankruptcy Court for the Middle District of Florida.

The Palm, founded in New York by Italian immigrants in 1926, has 21 locations nationwide, including a steakhouse and lobster restaurant in Houston that opened in 1978. “The Palm is one of the storied restaurant brands in America, and we are excited for this opportunity,” Fertitta said in a statement. “The Palm is a perfect complement to our portfolio of steakhouse concepts.”