bd's Mongolian Grill Acquired by New Owners with Aggressive Growth Plans

FERNDALE, Mich., May 7 /PRNewswire/ -- On Friday, May 2nd, 2008, Kinderhook Industries, LLC a private equity firm based in New York City announced it has again partnered with restaurant industry veterans Rodger Head and Clyde Culp to acquire privately owned bd's Mongolian Grill based in Ferndale, Michigan. Kinderhook and Messrs. Head and Culp also own and operate Duke and King, a 97-unit Burger King franchise based in Minneapolis, MN. This new acquisition enables the partnership to capitalize on management's franchising and brand expertise to expand a quality restaurant concept with strong brand recognition in its local markets and with attractive growth prospects.

Messrs. Head and Culp will be actively involved in the company, from both a management and board level. Rodger Head, as President and CEO of the new company, together with Billy Downs, the founder of bd's, will manage the day- to-day operations and growth of the bd's brand. Mr. Head has a wealth of experience in senior management roles with franchisor restaurant chains and will direct an acceleration of expansion plans for the bd's Mongolian concept.

bd's Mongolian Grill is a leader in the 'Asian Grill' segment. Recent restaurant industry trends have recognized that this is a popular niche appealing to a younger family demographic. bd's Mongolian Grill is an interactive casual dining experience that focuses on connecting with Guests through a create-your-own stir-fry concept in a fun and energetic atmosphere. Since 1992, bd's has delivered a unique dining experience that sets it apart from the competition. Guests select their stir-fry from a large variety of fresh meats and seafood, vegetables and flavorful sauces to create a unique meal to satisfy their particular palate. Each creation is then grilled to perfection on bd's signature 6-foot diameter flat grill. At bd's Mongolian Grill, you rule your dining experience. "We are excited about the future of bd's Mongolian Grill. It is one of the few concepts where great food is done in a personalized way, with extremely fast service, and a real, interactive, fun atmosphere -- true eatertainment! This is an upcoming restaurant chain providing a unique experience in one of the few underdeveloped segments in the industry. Now, given the financial backing of Kinderhook, there is capital in place along with an experienced Board and management team to aggressively ramp up franchising and develop this Brand," stated Rodger Head.

There are currently 33 bd's Mongolian Grill restaurants with 10 company owned units located in Michigan, Illinois and Colorado; 22 domestic franchised locations in 11 states and 1 franchise location in Mongolia. The first bd's Mongolian Grill was built in Royal Oak, Michigan in 1992.

Kinderhook Industries, LLC is a manager of private equity funds with $470.0 million of committed capital. Kinderhook Industries partners with highly talented management teams to pursue private equity investments in non- core divisions of public companies, management buyouts of entrepreneurial- owned businesses and troubled situations and existing small capitalization companies lacking institutional support. Kinderhook's current investments in the restaurant industry include Duke and King, bd's Mongolian Grill, and Mastro's Steakhouses. For additional information, visit www.kinderhook.com.