Charlie Brown's Steakhouse to Buy Boddie-Noell's Texas Steakhouse

ROCKY MOUNT, NC--(Marketwire - Sep 25, 2012) - Boddie-Noell Enterprises, Inc. and Charlie Brown's Steakhouse announced today they have reached an agreement under which the New Jersey-based operator of steakhouse restaurants will purchase the Texas Steakhouse & Saloon restaurants.

Under the agreement, CB Steaks, LLC will purchase the Texas Steakhouse restaurant concept and all 19 locations in three states. Terms of the agreement were not disclosed.

Charlie Brown's operates some 20 steakhouse restaurants in New Jersey, New York and Pennsylvania. The company was founded in 1966 and is based in Mountainside, New Jersey.

The Texas Steakhouse brand was launched in the 1980s in Virginia. Texas Steak, Ltd purchased controlling interest in the company in 1994 and the concept has been operated since by Boddie-Noell Enterprises which is based here. Today there are 10 Texas Steakhouse locations in North Carolina, five in Virginia and four in West Virginia. Charlie Brown's will continue to operate the restaurants as Texas Steakhouse and plans to grow the concept throughout the region.

"We believe the purchase of Texas Steakhouse by Charlie Brown's is in our best interest and allows us to focus on our core strengths, especially in the quick service restaurant category as the largest Hardee's franchise operator in the United States," said Bill Boddie, chief executive officer of Boddie-Noell Enterprises.

"We have enjoyed operating these steakhouses and are grateful for all that our teams have accomplished through the years," Boddie said. "We've been blessed with some of the best people in the industry and they have worked hard to make Texas Steakhouse a great place to eat. We appreciate the loyalty of our customers and have enjoyed being part of the communities we've served."