HOTR had news at 2:20. I'll watch it.
Chanticleer Holdings Signs Definitive Agreement to Acquire BT's Burger Joint
2:20 pm ET March 31, 2015 (Market Wire) Print
Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer Holdings" or the "Company"), owner and operator of multiple restaurant brands internationally and domestically, announced today that it has signed a definitive agreement to acquire BT's Burger Joint ("BT"), a better burger concept in Charlotte, NC with $3.6 million in 2014 net revenue. With this acquisition, Chanticleer will have 30 better burger concept locations.
BT's Burger Joint has a well-earned reputation for serving some of the best burgers in the state of North Carolina with four locations, three in Charlotte of which one opened in May 2014, and one in Asheville. Chanticleer believes BT compliments the Company's American Burger Company in the better burger category and the acquisition will immediately double Chanticleer's presence in the Charlotte market. Closing will take place upon the transfer of BT's liquor license which the Company expects will be approximately thirty days.
"We believe in Mike Pruitt, Chanticleer's leadership team, and the brands they have assembled as evidenced by our willingness to take 42% of the BT's Burger Joint purchase price in shares of Chanticleer Holdings. We look forward to participating as shareholders in the future success of Chanticleer," said Tommy Hager, owner/principal of BT's Burger Joint.
"BT is a great addition to our better burger business and will particularly make our American Burger Co. even stronger," stated Rich Adams, President and COO of American Burger Co. "I look forward to working with their team during the transition as we forge ahead in building our brand."
