Chanticleer Holdings, Inc. (NASDAQ: HOTR) (Chanticleer Holdings, or the “Company”), owner and operator of multiple restaurant brands internationally and domestically, announced today that it closed on the acquisition of BGR: The Burger Joint (“BGR”), a better burger concept well-known in the Maryland/Washington, D.C./Virginia area.
BGR closed out 2014 with $15+ million in system wide retail sales, $10+ million in company revenue, nine corporate owned locations and nine franchises. It added two additional locations in Q1 2015 including its first international franchise location in Kuwait and has over eighty franchise locations under development agreement almost equally split between domestic and international markets. BGR was voted #7 Burger Chain in USA by The Daily Meal & MSN.com, #1 Burger Restaurant by the Washingtonian and #1 Burger Patty by the Washington Post.
Chanticleer Holdings now has 46 locations worldwide including thirteen Hooters restaurants, six American Burger Co. restaurants, seven Just Fresh locations and twenty BGR locations. In addition, the Company forecasts opening three to five new BGR franchise locations and two Hooters locations before year end.
“The immediately accretive acquisition of BGR increases our number of locations by 77% and provides an attractive growth opportunity for Chanticleer. BGR has clearly proven its better burger concept as a franchise opportunity with over 80 franchise development agreements in place. We look forward to utilizing our platform in our international markets to continue extending the growth of an already successful franchise,” said Mike Pruitt, CEO of Chanticleer Holdings, Inc.
“This is an exciting time for BGR as we look to step up our expansion strategy in both international and domestic markets. Having Chanticleer’s team support our vision, we believe together we have the expertise and platform necessary to expand BGR’s footprint exponentially worldwide,” stated Nate Ripley, President of BGR: The Burger Joint.
March 18, 2015