Praesidian Capital, owner of Charlie Brown’s Steakhouse chain, has acquired Texas Steakhouse & Saloon, the New York-based company said in a statement.
Texas Steakhouse & Saloon consists of 19 units in North Carolina, Virginia, and West Virginia. Because the casual-dining brand is already well known in those states, the restaurant chain will retain its brand, said Rivian Bell, spokeswoman for Praesidian.
Terms of the deal were not disclosed.
Bell said that the acquisition was done in large part because the brands complement each other well. “This is one that seemed a natural fit,” she said.
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“Texas Steakhouse & Saloon fits the Charlie Brown’s model in its pricing, product offerings, service, and target customer base,” said Jason Drattell, founder and managing partner at Praesidian, in a statement. “We believe this regional brand has tremendous upside potential.”
New Jersey-based Charlie Brown’s Steakhouse has locations in New York, New Jersey and Pennsylvania.
Bell said Texas Steakhouse & Saloon executives would keep their positions at the brand. “The operating management will certainly maintain their position,” she said, referring to the restaurant managers.
Charlie Brown’s co-owners, Jim Burke and Brad Grow, will manage the company after the acquisition. Together, Charlie Brown’s and Texas Steakhouse & Saloon employ about 2,200 people.
In April 2011, an affiliate of Praesidian Capital Opportunity Fund 11-A LP bought Charlie Brown’s Steakhouse’s 20 restaurants from bankrupt CB Holding Corp. The chain was sold for $9.5 million at auction.
Contact Erin Dostal at [email protected].
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