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Chanticleer Holdings to Buy BGR

Hooters' franchisee prepares to enter the fast-casual segment's better burger business.

Multi-concept operator Chanticleer Holdings, Inc. (NASDAQ: HOTR) reached an agreement to acquire BGR: The Burger Joint, a better burger concept that primarily serves the Maryland, Virginia and Washington, D.C. markets. The deal is expected to close around March 15, 2015.

BGR is a better burger concept with a menu that focuses on its proprietary blend of Prime, dry-aged burgers grilled over an open flame. BGR has 9 corporate owned locations, 11 franchises including 1 international location in Kuwait, and more than 80 franchise locations under development agreement almost equally split between domestic and international markets, according to a company release. BGR's senior management and operations team have agreed to remain with the fast-casual concept.

Headquartered in Charlotte, N.C., Chanticleer Holdings owns and operates restaurant brands in the United States and internationally. The company is a franchisee owner of Hooters restaurants in international markets including Australia, South Africa, and Europe, and two Hooters restaurants in the United States. The Company also owns and operates American Burger Co. and owns a majority interest in Just Fresh restaurants in the U.S.