Hooters of America has been acquired by Nord Bay Capital and TriArtisan Capital Advisors. Although details of the deal were not disclosed, previous Hooters owners Chanticleer Holdings and H.I.G. Capital will retain stakes in the chain. Currently, Hooters of America franchises and operates more than 430 Hooters restaurants around the country.
In a statement, Terry Marks, Hooters CEO, said, “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.”
In 2017, Hooters opened Hoots, a fast-casual spinoff that looked to provide the customer with a food-focussed experience, as opposed to the usual ‘Hooters experience’. At Hoots, customers could get their hands on the restaurant’s famous wings quicker. The new partnership looks to expand Hoots.
“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.”