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Champps buyout deal complete

LITTLETON Colo. F&H Acquisition Corp. completed its $74.8 million purchase Monday of the 61-unit casual-dining chain Champps Entertainment Inc., based here.

F&H, holding company for the Wichita, Kan.-based Fox & Hound Restaurant Group, had asked to delay the deal earlier this month to give it more time to secure financing, citing turmoil in the credit market. The deal originally was to have closed Oct. 1.

F&H's equity sponsors in the buyout are Newcastle Partners LP, Newcastle Special Opportunity Fund II LP and Steel Partners II LP. F&H informed Champps shareholders that they would be mailed instructions about obtaining their $5.60-per-share payment.

Champps sports-and-entertainment restaurants are now a wholly owned subsidiary of F&H Acquisition.

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