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Beef 'O' Brady's completes a recapitalization

TAMPA, Fla. Family Sports Concepts Inc., the franchisor of more than 230 Beef ‘O’ Brady’s casual-dining restaurants, closed last week on a “major recapitalization” funded by private-equity firm Levine Leichtman Capital Partners, according to a statement from the parties. Terms of the deal were not disclosed.

The invested capital will be used for shareholder dividends and additional unit growth, said investment bank The Cypress Group, which structured the deal. Beverly Hills, Calif.-based Levin Leichtman indicated that Beef ‘O’ Brady’s current management team, headed by chief executive Chuck Winship, would remain with the company. The private-equity firm manages more than $2 billion and typically invests in companies with revenues between $50 million and $500 million.

The Beef ‘O’ Brady’s chain broke into this year’s Nation’s Restaurant News Second 100 rankings, with fiscal 2006 systemwide sales estimated at $181.0 million, up from $142.2 million a year earlier.  

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