Chanticleer Holdings Announces Acquisition of Two Hooters Restaurants in Oregon and Washington State
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 executed a merger agreement for the acquisition of two Hooters restaurants in the U.S. Pacific Northwest.
Chanticleer plans 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, Oregon and Tacoma, Washington. All leasehold and current franchise rights to the Hooters locations in Oregon and Washington will be transferred to the Chanticleer, 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.
"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," comments Mike Pruitt, chairman and CEO. "We are fortunate to inherit an experienced management team that will help make our growth possible."