GREENWICH, Conn. and WESTPORT, Conn., Aug. 28 /PRNewswire/ -- Catterton Partners, one of the nation's foremost consumer-focused middle-market private equity firms, and Oak Investment Partners, a multi-stage venture capital firm, today announced the acquisition of Cheddar's Holding Corp. from Brazos Restaurant Holding Company, L.L.C., management, and other private investors. Terms of the transaction were not disclosed. With system-wide sales of over $245 million, Cheddar's is one of the largest regional casual dining restaurant chains in the U.S. Cheddar's was founded in 1978 by Aubrey G. Good and Douglas H. Rogers and currently has 55 restaurants in 15 states. Approximately 50 percent of Cheddar's restaurants are owned by the Company, with the remainder being owned by Cheddar's franchise partners. "I am confident that our partnership with Cheddar's current management team will flourish and that we will continue Cheddar's great tradition of offering its customers high-quality food at an attractive value, with fast and attentive service," said Jerry Gallagher, General Partner of Oak Investment Partners. "We are pleased with the successful completion of this transaction," said Frank Vest, a Partner at Catterton Partners. "Working with Oak Investment Partners, we plan to utilize our expertise in the restaurant concept business to expand Cheddar's national reach. We look forward to supporting the future development of this industry-leading, casual dining restaurant chain and continuing to support the strong relationships that Cheddar's has built with its vendor, franchise, and employee partners." Doug Rogers, Cheddar's president, and Greg Good, Cheddar's chief operating officer, will continue to serve in their roles under the Company's new structure. Both Mr. Rogers and Mr. Good have elected to reinvest a portion of their equity into the acquisition due to their confidence in the forward-going business plan that that they have developed along with Catterton and Oak. As equal partners, Oak and Catterton will each own 50% of the Company. "We are delighted to begin our partnership with Catterton Partners and Oak Investment Partners," said Mr. Rogers. "All of us at Cheddar's are very impressed with both firms' history of successfully supporting rapidly growing restaurant and retail companies. With their strategic and financial support, we are confident that Oak and Catterton will continue the growth and development of Cheddar's while staying true to its original core principles." "Catterton and Oak have extensive experience working as a team with superior management teams to grow innovative restaurant concepts, including P.F. Chang's China Bistro, Baja Fresh Mexican Grill, Caribou Coffee and La Madeleine French Bakery Cafe," said Mr. Good. "We are confident that the strategic insights, expertise and capital of our new partners will help position Cheddar's for continued success. There are no better partners for us to be associated with as we move forward." About Cheddar's Casual Cafe Headquartered in Dallas, TX, Cheddar's is a leading multi-concept "classic American" casual dining restaurant company with 55 system-wide stores in 15 states, having collective revenues of over $245 million. Cheddar's was founded in 1978 by Aubrey G. Good and Douglas H. Rogers, and they were joined in 1991 by Aubrey's son, Gregory W. Good. To-date the company has opened 25 company stores, including 23 Cheddar's Casual Cafes and 2 Fish Daddy's Grill Houses, and 30 franchise stores, operated by 11 franchisees. About Oak Investment Partners Established in 1978 and with over $8.4 billion of committed capital, Oak Investment Partners is a venture capital firm with a strong track record as a multi-stage investor. Oak's investment strategy focuses on growth opportunities in enterprise application and infrastructure software, outsourced services, communications equipment and services, advanced semiconductors, financial information technology, healthcare technologies, and retail. With offices in Westport, CT, Minneapolis, MN, and Palo Alto, CA, Oak concentrates on building long-term relationships with experienced management teams to develop successful companies that deliver consistent performance over time. Oak has invested in more than 435 companies since its inception and, in addition to their co-investments with Catterton Partners, their retail and restaurant investments have included companies such as Dick's Sporting goods, Filene's Basement, Jamba Juice, Lucy Activewear, Office Depot, PETsMART, Potbelly Sandwich Works, Ulta Salons, and Whole Foods. More information about the firm can be found at http://www.oakvc.com/. About Catterton Partners With more than $2 billion under management, Catterton Partners is a leading private equity firm in the U.S. focused exclusively on the consumer industry. Since its founding in 1990, Catterton has leveraged its investment capital, strategic and operating skills, and network of industry contacts to establish one of the strongest investment track records in the consumer industry. Catterton considers investments across a number of targeted consumer industry "verticals": Food and Beverage, Retail and Restaurants, Consumer Products and Services, and Media and Marketing Services. Catterton's unique combination of value-added resources has resulted in the creation of numerous market leading companies. In addition to their co-investments with Oak Investment Partners, Catterton has led investments in companies such as Build-A-Bear Workshop, First Watch Restaurants, Frederic Fekkai, Kettle Foods, Farley's and Sathers Candy Co., Titan Outdoor, Pharmaceuticals Holdings, Inc., Gold Coast Beverage Distributors, Odwalla, Inc., and Wellness Pet Food. More information about the firm can be found at http://www.cpequity.com/. DATASOURCE: Catterton Partners CONTACT: Eric Brielmann or Andrea Salas, both of Joele Frank, Wilkinson, Brimmer Katcher, +1-212-355-4449 Web site: http://www.cpequity.com/ http://www.oakvc.com/

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