Mezzanine investor Praesidian Capital‘s Charlie Brown’s Steakhouse chain of neighborhood restaurants has acquired 19 Texas Steakhouse & Saloon restaurants in North Carolina, Virginia, and West Virginia. New York-based Praesidian acquired the restaurants through its Praesidian Capital Opportunity Fund III and III-A from Boddie-Noell Enterprises, a Rocky Mount, N.C. owner of food service and land-development projects.
Praesidian Capital, a leading provider of mezzanine capital for small and mid-sized businesses, announced today that its Charlie Brown’s Steakhouse chain of neighborhood restaurants has acquired 19 Texas Steakhouse & Saloon restaurants (TSS) in North Carolina, Virginia, and West Virginia. New York-based Praesidian acquired the restaurants through its Praesidian Capital Opportunity Fund III and III-A from Boddie-Noell Enterprises, Inc., a Rocky Mount, N.C. owner of food service and land-development projects.
The new organization, which will employ 2,200 people, will be managed by Charlie Brown’s co-owners Jim Burke and Brad Grow, a team of restaurant specialists out of Edmond, OK, who have been managing Charlie Brown’s operations since they partnered with Praesidian to buy the company last year. Current management of the Texas Steakhouse & Saloon restaurants will continue to run the day-to-day business.
“We are pleased to have found the right opportunity to expand and enhance Charlie Brown’s operation,” stated Jason Drattell, founder and managing partner of Praesidian. “Texas Steakhouse & Saloon fits the Charlie Brown’s model in its pricing, product offerings, service, and target customer base. We believe this regional brand has tremendous upside potential, and we know that everyone at Charlie Brown’s and TSS is excited about the opportunities the combined organization will present.”
Charlie Brown’s Steakhouses have built a 40-year reputation for aged, hand-carved prime rib, choice steaks and burgers and its Unlimited Farmer’s Market Salad Bar(TM). The chain’s philosophy is to provide great food, exceptional value and friendly service to every customer. Charlie Brown’s restaurants are found throughout New Jersey, as well as in New York and Pennsylvania. The chain employs more than 1,100 people.
Texas Steakhouse & Saloon was founded during the early 1990s in North Carolina and employs approximately 1,100 people. TSS restaurants are known for offering grilled steaks & seafood, hand breaded chicken, and special value offerings such as 2-for-$20 rib-eye dinners.
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital. For more information, visit www.praesidian.com .
SOURCE: Praesidian Capital