News

Chanticleer Holdings sells Hooters

July 2, 2019

Little Big Burger's parent company, Chanticleer Holdings, has sold Hooters of America to Nord Bay Capital and its adviser, TriArtisan Capital Advisors LLC.

Financial terms of the deal were not disclosed, but as part of the transaction, the selling entities will each retain a stake in the company, according to a company press release.

"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," Hooters CEO Terry Marks, said in the release. “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.”

Hooters is an iconic global brand that has shown strong financial growth and development, said William Pepper, principal of Nord Bay Capital. 

"With nine consecutive quarters of same store sales growth and 13 consecutive quarters outperforming the casual dining bar and grill category, we see Hooters as a real jewel in the restaurant category," he said in the release. "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."

Hooters has more than 430 Hooters restaurants in 38 states and 27 countries