CIRB News & Transactions
News 03/07/2005 : Charlie Brown's Steakhouse Franklin Glasgall of Glasgall& Associates, Ltd, the New York member of CIRB and a Founder of the Organization is pleased to announce the sale of the Charlie Brown’s Steakhouse chain based in Mountainside, NJ.
The 54 unit chain was sold by Castle Harlan, Inc. of New York to Trimaran Capital Partners, a New York based investment banking house, for $140,000,000. The real estate brokers who initiated this transition were Glasgall & Associates, Ltd. and Bielat Santore Company.
Franklin Glasgall of Glasgall & Associates, Ltd. has been associated with the Charlie Brown’s Restaurant group for over 30 years. He first became involved with them when the then six unit operation was acquired in 1974 by Restaurant Associates, Inc., where he was Vice President of Real Estate. From the outset, Glasgall participated in the expansion of this chain and helped grow the group to 32 units through acquisitions and the development of new restaurant facilities.
During the early 1980’s Glasgall met Barry Bielat of Bielat Santore Company, a restaurant real estate specialist based in Allenhurst, , NJ. At that time, Glasgall and Bielat successfully negotiated the acquisition of a property by Charlie Brown’s. Over the next 25 years they have collaborated on the sale of over a dozen major restaurants including six units to Charlie Brown’s.
Glasgall who over the past 31 years has negotiated over 25 Charlie Brown’s transactions left Restaurant Associates in 1991 and formed his own restaurant real estate brokerage and consulting firm.
In 1997 Restaurant Associates sold the 32 unit Charlie Brown’s chain to Castle Harlan, Inc. for $50, 400.000. Since this acquisition by Castle Harlan, Charlie Brown’s has grown dramatically to 54 units doing annual sales in excess of $160,000,000.
Trimaran Capital Partner plans to continue the expansion of this chain throughout the Mid-Atlantic States with the object of growing the company to 100 units or more over the next 5-7 years.
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