LITTLETON Colo. Champps Entertainment Inc., the operator or franchisor of 61 namesake casual-dining restaurants, said Friday its board of directors has ended the company's sale process, which began earlier this year.
The company said its board had "solicited a number of prospective purchasers, but did not receive any definitive proposals that [it] deemed acceptable."
In January, Champps had signed a definitive agreement to sell itself for about $75 million, plus debt, in a management-led buyout sponsored by an affiliate of private-equity firm Kinderhook Industries LLC. That deal fell through in March, and Champps did not reveal why the deal wasn't able to close.
In its statement Friday, Champps said the board had authorized chairman and chief executive, Mike O'Donnell, and the management team "to explore opportunities to increase shareholder value," including acquisitions "that leverage the company's infrastructure and expertise."
No further details were given. When Champps had planned to sell itself for $75 million earlier this year, it said it would use the proceeds to purchase another business.
