Chanticleer Holdings To Buy Texas Wings

Bizjournals.com:

Local investment firm Chanticleer Holdings Inc. has agreed to acquire the assets of Texas Wings Inc., a franchisee of 45 Hooters restaurants in Texas.

The cash-and-stock deal is valued at $106 million.

Chanticleer agreed March 7 to acquire Florida-based Hooters Inc., founder of the Hooters chain that currently operates 22 restaurants. The Texas Wings acquisition is slated to close this quarter, concurrent with the closing of the Hooters Inc. deal.

“This transaction will combine two of the strongest operators in the Hooters network totaling 67 restaurants, including 12 of the top-20 grossing restaurants in the entire system,” says Mike Pruitt, chief executive of Chanticleer. “These two transactions will give us an excellent platform for expansion and over $200 million in annualized revenue. We are excited by this opportunity to bring these two great companies together.”