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June 2001

Avado Brands Announces Pending Sale of Its McCormick & Schmick’s Brand

MADISON, Ga., June 8, 2001 /PRNewswire/ -- Avado Brands, Inc. (Nasdaq: AVDOC) today announced that it has entered into a definitive contract with Bruckmann, Rosser, Sherrill & Co., Inc. and Castle Harlan, Inc. for the sale of the Company's McCormick & Schmick's brand for $123.5 million in cash. The Company intends to apply the proceeds from the sale, which is expected to close during the third quarter, to pay off its revolving credit facility, to...

Two Buyout Firms Agree To Acquire McCormick & Schmick’s Restaurants

NEW YORK, June 8, 2001 /PRNewswire/ -- Two New York-based private equity investment firms, Bruckmann, Rosser, Sherrill and Co., Inc. (BRS) and Castle Harlan, Inc., announced today they had jointly signed an agreement to buy McCormick & Schmick's seafood restaurants from Avado Brands, Inc. (Nasdaq: AVDOC) of Madison, Georgia. The transaction was valued at $123.5 million. McCormick & Schmick's management, including founders Bill McCormick and Doug Schmick, will also participate in the transaction. McCormick & Schmick's, based...