CHARLESBANK CAPITAL PARTNERS, GROTECH CAPITAL GROUP ACQUIRE SEAFOOD CHAIN CAPTAIN D’S

Boston, MA, January 4, 2005 – Charlesbank Capital Partners and Grotech Capital Group are pleased to announce that they have, in partnership with management, acquired Captain D’s, the Nashville-based seafood restaurant chain. As part of the transaction, Wachovia Capital Markets and Wells Fargo Bank arranged $100 million in senior debt financing.

Founded in 1969, the Captain D’s system includes 577 restaurants. The company operates 317 restaurants primarily located in the Southeast, and franchises another 260 operating across 23 states. Captain D’s prides itself on offering the speed, convenience and pricing of a quick-service restaurant with the quality, freshness and atmosphere of a fast-casual restaurant. Ron Walker, a 20-year veteran at Captain D’s, will continue as President & COO of the Captain D’s chain.

Captain D’s has industry-leading average unit volumes and is the nation’s second-largest quick-service seafood chain in number of stores. The company enjoys dominant market share in the Southeast and strong market positions in the Southwest. In recent years, Captain D’s has exhibited reliably strong financial performance, with system-wide revenue of $515 million for the 12-month period ending September 26, 2004, and consistent same-store sales growth over the past 10 years.

For Charlesbank and Grotech, the investment represents an opportunity to partner with a proven management team in a high-growth business. “Captain D’s has grown consistently and profitably over the past several years, and its strong leadership is well equipped to support continued growth in both the existing business and new company-operated and franchise locations,” says Andrew Janower, Managing Director of Charlesbank. “We see tremendous potential for the company, which offers a solid, well-known brand in an expanding industry, and we look forward to working with management and our partners at Grotech to build on Captain D’s impressive success to date.”

“We are particularly excited about Grotech's latest restaurant chain acquisition of Captain D's because it continues a successful trend we've had of investing in strong management teams, leading brands and growing market positions,” said Frank Adams, Managing General Partner of Grotech Capital Group.

With offices in Boston and New York, Charlesbank Capital Partners is a long-standing private equity investment firm managing more than $1 billion of capital. The firm is currently investing its fifth fund, focusing on mid-market management-led buyouts and growth capital financings. Charlesbank seeks to partner with strong management teams to build companies with real competitive advantages and excellent prospects for growth. For more information about the firm, visit www.charlesbank.com.

Founded in 1984, Grotech Capital Group is the largest private equity firm focusing exclusively on the Mid-Atlantic and Southeastern United States. With $1 billion in capital under management and offices in Maryland and Northern Virginia, Grotech originates and leads investments in emerging and traditional industries. For more information about the firm, visit www.grotech.com