A New York private-equity company agreed to pay $9.5 million to buy Charlie Brown’s Steakhouse, making it the highest bidder at a bankruptcy auction, officials said Thursday.
Praesidian Capital Opportunity Fund III-A LP, which established an affiliate called CB Restaurants Inc., is in line to take over 20 Charlie Brown’s restaurants, including 17 in New Jersey.
A hearing has been scheduled in U.S. Bankruptcy Court on April 11 to approve the sale. An official from Charlie Brown’s parent company said he expected the new owners would invest in the restaurants.