Florida-based family office Nord Bay Capital and its adviser, TriArtisan Capital Advisors, have closed on a transaction to acquire Hooters of America (HOA) 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 restaurant company.
Terry Marks, CEO, HOA commented: “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. 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.”
HOA is an operator of more than 430 Hooters restaurants in 38 states and 27 countries.
Nord Bay Capital is a Florida-based family office with an emphasis on direct and co-investments for middle-market opportunities. Specifically, Nord Bay Capital focuses on established, non-cyclical companies with strong market positions, and partners with management to grow and build brand value.
