Today I saw updates in terms of all the companies:
- Praesidian Capital is buying Charlie Brown's for a paltry $9.5MM (Trimaran bought them for $150MM in 2005 from Castle Harlan). All of the 20 remaining stores are rumored to stay open.
- Bugaboo Creek got sold to an unknown buyer for $10.1MM in March 2011.
- The Office got sold to Villa Enterprises (which runs 4 fast food joints) for $4.7MM in January 2011.
It's a fresh start for all 3 restaurant chains and a good sign. Specialty has been key for consumer-focused private equity acquisitions these years, and restaurants, if owners revitalize their product or brand portfolios (or if PE execs see a potential revitalization), this buying trend should continue.
It will be an interesting sector to watch.