Share “Chanticleer completes buyout of 2 Hooters”

Chanticleer completes buyout of 2 Hooters

Published on NewsOK Modified: February 3, 2014 at 10:07 am •  Published: February 3, 2014

CHARLOTTE, N.C. (AP) — Chanticleer has completed its acquisition of Hooters' U.S. Pacific Northwest franchise rights and two existing restaurants in Oregon and Washington. Financial terms were not disclosed.

Chanticleer Holdings Inc. is a minority holder in the privately held parent company of Hooters Of America and a franchisee of international Hooters restaurants.

Chanticleer has acquired all of the shares of Tacoma Wings LLC and Hooters of Oregon Partners LLC, owners and operators of the Portland, Ore., and Tacoma, Wash., restaurants. The leasehold and current franchise rights for the Hooters restaurants in Oregon and Washington were transferred to Chanticleer. The company is evaluating locations around the Portland and Seattle areas for future restaurant openings.

Chanticleer said Monday that it also completed its acquisition of Chef John Tesar's fine dining seafood restaurant, Spoon Bar & Kitchen, in Dallas. Chanticleer acquired all shares of Dallas Spoon LLC and Dallas Spoon Beverage LLC. The Charlotte, N.C., company plans to expand the Spoon brand to a fast-casual dining concept.

Last month Chanticleer said that it would issue 195,000 of its units to Express Working Capital LLC, parent company of Dallas Spoon and Dallas Spoon Beverage. Each unit consists of one share of Chanticleer common stock and one five-year warrant, 97,500 of which are exercisable at $5.50 and 97,500 exercisable at $7.00.

Shares of Chanticleer slipped 13 cents, or 3.1 percent, to $4.12 in Monday morning trading. Its shares have doubled in the past year.