Rare Hospitality International Inc. has agreed to sell its 31-unit Bugaboo Creek Steakhouse chain to a holding of Trimaran Capital Partners, the private-equity owner of the Charlie Brown’s steakhouse group, for $28 million.
The deal is expected to close in the third quarter of 2007, Rare said.
Rare, whose other restaurant holdings include the 275-unit Longhorn Steakhouse chain and the 26-restaurant Capital Grille group, said in September that it was looking to divest Bugaboo, the most down-market of its brands. It is based here.
Bugaboo is being sold to an entity called Bugaboo Creek Acquisitions LLC, which is wholly owned by a concern named Charlie Brown's Acquisition Corp. The latter, in turn, is wholly owned by Trimaran. Bugaboo will be managed through Charlie Brown's Acquisition.
In addition to the 59-restaurant Charlie Brown’s chain, whose units are concentrated on the East Coast, Trimaran’s restaurant holdings include the West Coast-focused El Pollo Loco quick-service chicken chain, which is in the midst of a nationwide expansion. Its other assets include Fortunoff and Village Voice Media. It is based in New York.
Bugaboo was founded by Ned Grace, now affiliated with the Not Your Average Joe’s casual-dining chain, as a steak concept for families. It featured a lodge theme with animatronic figures like a talking moose.