TAMPA BAY, Fla. – Private equity firm Nord Bay capital and its adviser, TriArtisan Capital Advisors LLC acquired Hooters of America LLC (HOA) from Charlotte, North Carolina-based Chanticleer Holdings. Terms of the transaction were not disclosed.
Hooters of America is the franchisor and operator of more than 430 Hooters restaurants in 38 states and 27 countries.
“The partnership with Nord Bay and TriArtisan comes at an ideal time for the company, bringing fresh partners with complementary skills and experience to support our next phase of growth to the benefit of all our employees, franchisees and customers,” said Terry Marks, CEO of HOA. “Our core business is strong with a world-famous and differentiated brand, a first-rate management team and a loyal base of experienced franchisees. In addition, we are pleased with the early results of our new fast casual concept and plan additional openings later this year.”
William Pepper, principal at Nord Bay Capital, said the Hooters brand showed strong potential for financial growth and development following nine consecutive quarters of same-store sales growth and “…13 consecutive quarters of outperforming the casual dining bar and grill category.”
“…we see Hooters as a real jewel in the restaurant category,” Pepper said. “We’re excited to work with Terry, his senior leadership team, along with the Hooters global franchise community and employees to drive continued success in the years to come.”