Chanticleer Holdings, the
owner and operator of a growing portfolio of restaurant brands in the United
States and internationally, reports that it has agreed to acquire Spoon Bar
& Kitchen through the purchase of all of the outstanding shares of Dallas
Spoon, LLC and Dallas Spoon Beverage, LLC. Upon completion of the transaction,
which is on or before January 31, 2014, Dallas Spoon and Dallas Spoon Beverage
will be subsidiaries of Chanticleer.
Spoon Bar & Kitchen is
an award-winning fine dining seafood restaurant by Chef John Tesar, recognized
by numerous national publications, including Conde Nast, Bon Appetite, and
Esquire Magazine. Chanticleer said it intends to expand the Spoon brand into a
new, fast-casual dining concept.
“We are excited to complete
this acquisition,” Mike Pruitt, CEO and president of Chanticleer stated in the
news release. “As we begin our 2014 growth strategy, we believe the Spoon brand
has the appeal that today’s consumers are looking for in a cutting-edge,
wholesome seafood menu. We look forward to expanding the brand with the
culinary knowledge of Chef Tesar.”
Per the agreement,
Chanticleer will issue 195,000 of its HOTR units to Express Working Capital,
L.L.C., the parent company of Dallas Spoon and Dallas Spoon Beverage. Each unit
consists of one share of Chanticleer’s common stock, and one five-year warrant,
97,500 of which are exercisable at $5.50 and 97,500 exercisable at $7. The
value of the share exchange will be dependent upon Chanticleer Holding’s stock
price at date of closing.
For more information, visit
www.chanticleerholdings.com
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