Littleton restaurant operator Champps Entertainment Inc. said today that it has agreed to sell its assets to a New York private equity firm.
Champps owns and operates 49 restaurants and franchises or licenses another 13. Champp’s has two metro-area restaurants, located at the Park Meadows and Aspen Grove shopping centers, and a third in Colorado Springs.
Under the terms of the deal, an investment entity formed by Kinderhook will pay $75 million in cash for the company and assume all of its liabilities, including outstanding debt.
The Champps corporate entity will remain a publicly held company and intends to invest the proceeds from the sale into another business.
Shares of Champps dropped 36 cents to $6.44 in midday trading.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
