Charlie Brown's To Acquire Bugaboo Creek Steakhouse

Business Wire, Feb 27, 2007

A Trimaran Capital Partners Company Expands Its Concept and Geographic Reach

MOUNTAINSIDE, N.J. & NEW YORK -- Bugaboo Creek Acquisition, LLC, a wholly-owned subsidiary of Charlie Brown's Acquisition Corp., has entered into a definitive agreement to purchase the Bugaboo Creek Steakhouse restaurant chain from RARE Hospitality International, Inc. (NASDAQ: RARE). The transaction, valued at $28 million, is expected to close by the third calendar quarter of 2007, subject to customary closing conditions.

Charlie Brown's Acquisition Corp. is owned by Trimaran Capital Partners, the New York-based private asset management firm. Charlie Brown's Acquisition Corp. owns and operates Charlie Brown's Steakhouse, a New-Jersey-based steakhouse chain known for high quality fresh food and superior value in a friendly atmosphere. The chain consists of 55 Charlie Brown's Steakhouses, 7 Office Beer Bar and Grills and two Jolly Trolley Restaurants, all located in New Jersey, Pennsylvania and New York.

Atlanta-based Bugaboo Creek Steakhouse is a unique concept of attractive, family-friendly establishments featuring moderately-priced, flavorful food items. The concept attracts casual dining guests by creating an entertaining restaurant experience for families and couples alike in the setting of an authentic Rocky Mountain lodge. The chain operates 30 restaurants in 10 states, primarily along the Eastern seaboard of the U.S.

The two restaurant chains will retain their separate brands and identities. Bugaboo Creek's management team will remain in place and the company's headquarters will remain in Atlanta.

"This is an excellent strategic fit, as there is no competitive overlap between the two restaurant brands. The acquisition will enable Bugaboo Creek to take advantage of the infrastructure of Charlie Brown's and give us a window into the family entertainment segment of the casual steakhouse sector," said William Phoenix, a Managing Director at Trimaran Capital Partners. "The synergies are apparent as Charlie Brown's has ample capacity to continue the successful operation of the Bugaboo Creek Steakhouse dining experience."

Russell D'Anton, president and CEO of Charlie Brown's, said, "This acquisition is a fantastic opportunity for Charlie Brown's to broaden our growth strategy of turning our brands into substantial players in the restaurant industry. Like Charlie Brown's, Bugaboo Creek offers a unique dining experience with broad demographic appeal in desirable locations."

"Bugaboo Creek Steak House combines high quality, flavorful food and a unique family-oriented environment to create a strong value proposition," said Bugaboo Creek President Kristi Nyhof. "We are extremely excited about the opportunity to partner Bugaboo Creek's brand strength with the resources and experience of Trimaran Capital Partners and Charlie Brown's."

Ableco Finance LLC will provide debt facilities in support of the acquisition, subject to customary closing conditions.

About Charlie Brown's Steakhouse

Charlie Brown's Steakhouse is known for high quality fresh food and good value in a friendly atmosphere. A traditional steakhouse, the restaurant also offers outstanding chicken, fish and other specialties, gluten-free offerings and the renowned "Farmer's Market" salad bar. Founded in 1966, the company also owns The Jolly Trolley Restaurants and The Office Beer Bar and Grill. Charlie Brown's Steakhouse is the largest steakhouse chain in New Jersey, with additional locations in New York and Pennsylvania. Locations can be found at www.charliebrowns.com.

About Trimaran

Trimaran Capital Partners is a private asset management firm, headquartered in New York. TCP has completed over 60 investments since 1995. Recent investments by Trimaran include Educational Services of America, Inc., the largest provider of day school services for children with special needs in the U.S., Urban Brands, Inc., a specialty apparel retailer that focuses on urban and ethnic customers, International Transmission Company, the nation's first and largest independent electric transmission operator, and Reddy Ice Group, Inc., the nation's largest manufacturer of packaged ice. For more information, visit www.trimarancapital.com.