Chanticleer Holdings, a minority stakeholder in restaurant chain Hooters of America, said Thursday that it has inked an agreement to acquire two Hooters restaurants in Portland, Oregon and Tacoma, Washington. No financial terms were disclosed for the transaction, which is expected to close before January 31, 2014. In addition to Chanticleer, Hooters of America is also backed by several private equity investors, among them H.I.G. Capital and KarpReilly.
CHARLOTTE, NC–(Marketwired – January 02, 2014) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (Chanticleer Holdings, or the “Company”), a minority holder in the privately held parent company of the Hooters® brand Hooters Of America, and a franchisee of international Hooters restaurants, has announced that it has executed an Agreement and Plan of Merger (the “Merger Agreement”) for the acquisition of two Hooters restaurants in the U.S. Pacific Northwest.
Chanticleer has executed the Meger Agreement to acquire 100% of the shares of Tacoma Wings, LLC and Hooters of Oregon Partners, LLC, owners and operators of the two locations in Portland, OR and Tacoma, WA. All leasehold and current franchise rights to the Hooters locations in Oregon and Washington will be transferred to the Company, with final closing expected to occur before January 31, 2014. Management has begun evaluating locations around the Portland and Seattle areas for future restaurant openings.
Mike Pruitt, Chairman and Chief Executive Officer, commented, “We believe the northwest presents a great strategic opportunity for Chanticleer to grow the Hooters brand as well as some of our other concepts we own. We are fortunate to inherit an experienced management team that will help make our growth possible.”
For more information on the transaction, please refer to Chanticleer Holdings 8-K filing at www.sec.gov.
About Chanticleer Holdings, Inc
Headquartered in a Charlotte, NC, Chanticleer Holdings (HOTR), together with its subsidiaries, owns and operates restaurant brands in the United States and internationally. The Company is a franchisee owner of Hooters® restaurants in international markets including England, South Africa, Hungary, and Brazil and has joint ventured with the current Hooters franchisee in Australia. Chanticleer is evaluating several additional international opportunities. The Company also owns and operates American Roadside Burgers and owns a majority interest in Just Fresh restaurants in the U.S.
For further information, please visit www.chanticleerholdings.com