Darden Timeline By ericmacpherson Jan 1, 1938 William Darden opens his first restaurant, The Green Frog. Jan 1, 1968 Darden opens his first Reb Lobster location in Lakeland, Florida. This would be his mostr successful chain. Jan 1, 1970 General Mills purchases Darden Jan 1, 1982 Under General Mills ownership, Darden open its first Olive Garden. Jan 1, 1995 General Mills spins off Darden into it's own company called Darden Restaurants. Jan 8, 2007 Darden purchses Atlanta based rival, Rare Hospitality. May 16, 2014 Darden sells Red Lobster for a reported 2.1 billion US dollars.