A consortium of private investors is acquiring Hooters of America from the estate of Robert H. Brooks, ending nearly three decades of Brooks family ownership,
the
South Florida Business Journal
reported.
Brooks, who died in 2006, bought the franchiser of Hooters restaurants in 1984 and expanded it to 452 restaurants in 44 states and 29 countries, the article said.
President and CEO Coby Brooks told the journal:
“My father built a great company. He was a visionary filled with a tremendous entrepreneurial spirit. However, he was often limited by a lack of financial resources. Since his passing, the requirements of his estate have limited us even further.”
The investor group will also acquire the largest Hooters franchisee, Texas Wings Inc. There will be 161 company-owned locations across 16 states — nearly have of all domestic Hooters restaurants and more than 33% of the global locations, the article said. Chanticleer Holdings of South Africa and its limited partners will be equity holders, according to the report. (Source:
South Florida Business Journal,
Jan. 24, 2011.)
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