CHARLOTTE N.C. Chanticleer Holdings Inc., which in March agreed to buy 22-unit franchisee Hooters Inc. in Florida for $55.1 million, on Tuesday said it was buying the assets of Dallas-based Texas Wings, a 45-unit Hooters franchisee, for $106 million.
The investment firm said both acquisitions are expected to close during the current quarter, and that the Texas Wings buyout would be for $53 million in cash, $37 million in Chanticleer stock and convertible notes whose principal is about $16 million.
Chanticleer CEO officer Mike Pruitt said the combined franchisees will boast 12 of the Hooters chain's 20 highest-grossing units.
"These two transactions will give us an excellent platform for expansion and over $200 million in annualized revenue," he said. Atlanta-based brand owner Hooters of America Inc. and its franchisees operate more than 440 restaurants in 42 states and some 28 countries.