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Hooters Sold to Nord Bay Capital, Plans Fast Casual Expansion

Hooters was founded in 1983 in Clearwater, FL. Best known for their wings, ice cold beer and “Hooter’s Girl’s”, they just announced the sale of their iconic restaurant. Please read below for the details.

Photo Courtesy of FSR Magazine.

Hooters of America, LLC has been sold to Nord Bay Capital and its adviser, TriArtisan Capital Advisors, the companies announced July 1. Financial terms of the deal were not disclosed.

H.I.G Capital, Chanticleer Holdings, and other investors dealt the chain and, as part of the transaction, selling entities will each retain a stake in Hooters.

Chanticleer purchased Hooters in 2011, which brought an end to legal issues following the death of the chain’s owner, Robert Brooks, in 2006.

Hooters believes that the partnership with Nord Bay and TriArtisan comes at an ideal time - bringing fresh partners with complementary skills and experience to support the next phase of growth.

Hooters, which has more than 430 units in 38 states and 27 countries, has opened 30 corporate locations and 35 franchises in the past three years.

Hooters was pleased with early results of its new fast casual, Hoots, and was planning additional openings later this year.

Hooters introduced the counter-service model in 2017. Beyond meeting a rising demand for convenience, employees also wear more traditional uniforms.

Hooters has posted nine consecutive quarters of same-store sales growth and 13 straight periods outperforming the casual dining bar and grill category.

As a true innovator in the chicken wing space for over 35 years, Hooters is highly differentiated in a category that is more popular than ever.

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