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Chanticleer Holdings, Inc. (HOTR) Acquires Hooters Restaurants In Oregon, Washington

Jan. 02, 2014 3:19 PM ETSONN
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Chanticleer Holdings, a minority holder in the privately held parent company of the Hooters® brand Hooters Of America, and a franchisee of international Hooters restaurants, has entered into a merger agreement to acquire two Hooters restaurants in the U.S. Pacific Northwest in a deal expected to close before January 31, 2014.

Per the agreement, Chanticleer has acquired 100 percent of the shares of Tacoma Wings, LLC and Hooters of Oregon Partners, LLC, owners and operators of the two locations in Portland, Ore., and Tacoma, Wash. Chanticleer has obtained all leasehold and current franchise rights to the Hooters locations in Oregon and Washington. In line with Chanticleer's expansion initiatives, the company reports that management has begun evaluating locations around the Portland and Seattle areas for future restaurant openings.

"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," Mike Pruitt, chairman and CEO, stated in the news release.

Headquartered in a Charlotte, NC, Chanticleer and its subsidiaries own and operate 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 recently 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 more information visit chanticleerholdings.com

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