Boston, MA 3/16/12 (StreetBeat) -- Business operator Chanticleer Holdings, Inc. (OTCBB:CCLR) said this morning that it has inked a deal securing exclusive rights to operate Hooters restaurants in three of the most populated states of Brazil, Rio de Janeiro, Minas Gerais and Espirito Santo. In order to advance the agreement, Charlotte, North Carolina-based Chanticleer is forming a 60/40 joint venture with restaurant operator Nash Foods Participações Ltda. (CNBF). Chanticleer will hold the larger side of the partnership. The first restaurant is targeted to be opened in the 3rd quarter 2012.Last year, Chanticleer and a group of deep-heeled private equity investors - included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States - acquired Hooters of America (HOA).
The franchise agreement was signed by CNBF an HOA on March 13, 2012 providing CNBF exclusive rights to open and operate Hooters restaurants in 3 states for a term of 20 years, according to the company’s statement today. Nash Group, currently has development rights to the São Paulo state and owns and operates the existing São Paulo Hooters location.
"This is another tremendous milestone for the Hooters brand," said Terry Marks, CEO of HOA. "Over the past 2 decades, millions of consumers have become loyal Hooters fans. Latin America is very important to us, and with over 190 million people and the 6th-largest economy in the world, Brazil is a particularly attractive market to open new restaurants."
Marcel Gholmieh, Managing Partner and Chief Executive Officer of the Nash Group, commented, "With a rapidly expanding consumer base and two major global sporting events on the horizon - the World Cup in 2014 and the Summer Olympics in 2016 - the timing of the Hooters expansion in Brazil could not be better."
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