Tampa Bay, Fla., New York City and Atlanta — Nord Bay Capital and its advisor TriArtisan Capital Advisors LLC have closed on a transaction to acquire Hooters of America, LLC from H.I.G. Capital, Chanticleer Holdings and other investors. Financial terms of the deal were not disclosed. As part of the transaction, the selling entities will each retain a stake in the company.
“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,” says Terry Marks, chief executive officer of Hooters. “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, Marks says, Hooters is pleased with the early results of its new fast-casual concept and plans additional openings later this year.
Piper Jaffray Companies served as financial advisor to Hooters.
Hooters of America, LLC, is the franchisor and operator of more than 430 Hooters restaurants in 38 states and 27 countries. The first Hooters opened its doors in 1983 in Clearwater, Fla. For more information, visit www.hooters.com.
Nord Bay Capital is a Florida-based family office with an emphasis on direct and co-investments for middle-market opportunities.
TriArtisan Capital Advisors is an established, New York-based private equity investing firm. For more information, visit www.triartisan.com.
SOURCE: Hooters of America, LLC