ATLANTA LongHorn Steakhouse and Capital Grille parent Rare Hospitality International Inc. has completed the previously announced sale of its Bugaboo Creek Steak House concept to Charlie Brown's Acquisition Corp., a steakhouse group owned by the private-equity firm Trimaran Capital. The sale price was approximately $24 million, slightly less than the $28 million cited when the deal was originally announced in February, primarily due to changing market conditions, the companies indicated.
The amount is subject to customary post-closing adjustments.
Rare president and chief operating officer Eugene I. Lee Jr. said in a statement that the sale allows the company to concentrate it resources more fully on leveraging the long-term opportunities of LongHorn and Capital Grille. The sale is part of Rare's previously announced restructuring.
RARE Hospitality International currently operates or franchises 286 LongHorns and 28 Capital Grilles.
In addition to the 59-restaurant Charlie Brown¹s chain, whose units are concentrated on the East Coast, Trimaran¹s 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 JoeÕs casual-dining chain, as a steak concept for families. It featured a lodge theme with animatronic figures like a talking moose.
