Chanticleer has partnered with restaurant operating company Nash Group, which has development rights to the São Paulo state and is the current owner and operator of the existing São Paulo Hooters location. The two companies formed a joint-venture company, Chanticleer & Nash Brasil Foods Participações Ltda (CNBF), in which Chanticleer will own 60 percent of the operating entity.
“We selected the Nash Group as our partner in Brazil because they are proven operators with a great history of success in Brazil. We look forward to leveraging their more than eight years of brand knowledge and the success of their existing store in São Paulo to execute our growth strategy for Hooters throughout Brazil,” Michael Pruitt, CEO of Chanticleer stated in the press release.
Per the franchise agreement signed with CNBF and Hooters of America (HOA) on March 13, 2012, CNBF has the exclusive rights to open and operate Hooters restaurants in three states, including Rio de Janeiro, Minas Gerais, and Espirito Santo, over the next 20 years.
“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. Chanticleer and Nash Group are the ideal partners to launch a successful expansion.”
For more information visit www.chanticleerholdings.com or www.hooters.com
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