NEW YORK, March 7, 2005 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had completed the sale of Charlie Brown's, the New Jersey-based family steakhouse chain, to Trimaran Capital Partners, also a New York private-equity firm, in a transaction valued at $140 million.

Castle Harlan had acquired Charlie Brown's along with management in 1997 from Restaurant Associates for approximately $50 million. The sale resulted in a return of approximately four times on Castle Harlan's original equity investment.

Charlie Brown's operates 45 neighborhood steakhouses in the New York metropolitan area. Most are in New Jersey, but it has recently opened units in Commack, Long Island, on Staten Island and in Williamsport, Pennsylvania. It also operates seven more casual outlets called The Office Beer Bar & Grill and two Jolly Trolleys.

Justin Wender, Castle Harlan's chief investment officer, said Charlie Brown's had more than doubled its revenues since the firm acquired it and the company's growth prospects continue to be outstanding.

"Perhaps most remarkable, Charlie Brown's has had 13 consecutive years of comparable store sales growth, an amazing achievement," Wender said.

Charlie Brown's was one of several restaurant properties owned by Castle Harlan. Others include Morton's Steakhouses, McCormick & Schmick's seafood restaurants, Caribbean Restaurants, the most successful quick-service restaurant franchise in Puerto Rico with 167 Burger King units, and Marie Callender's, a chain of family restaurants located primarily in the Western United States.

Castle Harlan, founded in 1987, is a leading New York private-equity investment firm, investing in controlling interests in the buyout and development of middle-market companies in North America and Europe.

Castle Harlan's team of nine managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Horizon Lines, one of the largest U.S. container shipping companies, and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

NEW YORK, January 20, 2005 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had reached a definitive agreement to sell Charlie Brown's, the New Jersey-based family steakhouse chain, to Trimaran Capital Partners, also a New York private-equity firm, in a transaction valued at $140 million.

Castle Harlan had acquired Charlie Brown's along with management in 1997 from Restaurant Associates for approximately $50 million. The transaction with Trimaran is expected to close before the end of the first quarter.

Charlie Brown's operates 45 neighborhood steakhouses in the New York metropolitan area. Most are in New Jersey, but it has recently opened units in Commack, Long Island, on Staten Island and in Williamsport, Pennsylvania. It also operates seven more casual outlets called The Office Beer Bar & Grill and two Jolly Trolleys.

Castle Harlan Senior Managing Director Justin Wender said Charlie Brown's had been a very successful investment for the firm, which resulted in a return of approximately four times on Castle Harlan's equity.

"Led by CEO Russell D'Anton, Charlie Brown's has more than doubled its revenues since the acquisition," Wender said, "and the company's growth prospects continue to be outstanding. Perhaps most remarkable, Charlie Brown's has had 13 consecutive years of comparable store sales growth, an amazing achievement."

Charlie Brown's is one of several restaurant properties owned by Castle Harlan. Others include Morton's Steakhouses, McCormick & Schmick's seafood restaurants, Caribbean Restaurants, the most successful quick-service restaurant franchise in Puerto Rico with 167 Burger King units, and Marie Callender's, a chain of family restaurants located primarily in the Western United States.

Castle Harlan, founded in 1987, is a leading New York private-equity investment firm, investing in controlling interests in the buyout and development of middle-market companies in North America and Europe. Castle Harlan's team of nine managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Horizon Lines, one of the largest U.S. container shipping companies, and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

NEW YORK, June 24 -- Castle Harlan, Inc., the New York merchant bank, announced today that Castle Harlan Partners III has acquired Charlie Brown's, Inc., a restaurant company that operates in New Jersey and suburban New York, for $50.4 million from Restaurant Associates Corp.

Senior management of Charlie Brown's also participated in the acquisition.

Charlie Brown's, based in Mountainside, New Jersey, owns and operates 24 Charlie Brown's Steakhouses and six restaurants called The Office Beer Bar & Grill. Most of the restaurants are in northern New Jersey; two are in Westchester County, New York.

Charlie Brown's is the first acquisition by Castle Harlan Partners III, an investment partnership managed by Castle Harlan. The partnership closed in February with capital commitments of $630 million from public and private pension funds, private foundations, college endowments and affluent individuals.

"Charlie Brown's is strongly positioned as a moderately priced, neighborhood steakhouse with a loyal customer base and an outstanding record of comparable store sales growth," said David B. Pittaway, Castle Harlan managing director. "Family steakhouses, such as Charlie Brown's, represent one of the fastest-growing segments in the restaurant industry today.

"The Office also has shown very healthy growth in comparable store sales, and we see promising opportunities for expansion of these two successful concepts."

Pittaway noted that Charlie Brown's president, Russell D'Anton, and John Augustine, senior vice president for operations, have worked together for 20 years.

"They will continue in those positions and will be our partners in the ownership of the company," he said. "The management team has significant strength, depth and stability at all key levels."

Early targets for expansion, Pittaway said, will be Long Island, southern Connecticut and eastern Pennsylvania, as well as additional outlets in New Jersey.

Castle Harlan was founded in 1987 by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company, a real estate investment banking and financial advisory firm.

In recent years, Castle Harlan partnerships have had several major investments in restaurant chains, including Morton's of Chicago steakhouses and McCormick & Schmick's, operator of 16 upscale seafood restaurants, primarily in the western United States.

Among Castle Harlan's most recent acquisitions have been Statia Terminals Group, N.V., one of the world's largest independent marine terminal companies; Commemorative Brands, Inc., the second largest U.S. manufacturer of class rings, and U.S. Synthetic Corporation, the leading manufacturer of synthetic diamond drill bits for the oil and gas industry.

Other portfolio companies have included Delaware Management Company, a major international money management firm with assets under management of more than $35 billion; Ethan Allen Interiors, the widely known furniture company; Smarte Carte, the world's largest airport baggage cart company, and MAG Aerospace Industries, the world's leading manufacturer of aircraft sanitation systems.