20 Locations With Over 80 Franchise Locations Under Development
Chanticleer Holdings, Inc. (NASDAQ: HOTR), owner and operator of multiple restaurant brands internationally and domestically, announced today that it signed a definitive agreement to acquire BGR: The Burger Joint, a better burger concept well-known in the Maryland/Washington, D.C./Virginia area. Chanticleer Holdings expects to close the acquisition on or around March 15, 2015.
BGR: The Burger Joint (“BGR”) is a better burger concept with a menu that focuses on their proprietary blend of Prime, dry-aged burgers grilled over an open flame. Their buns are baked fresh by local bakers and they use fresh vegetables prepared in store. 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. BGR currently has nine corporate owned locations, eleven franchises including one international location in Kuwait, and over eighty franchise locations under development agreement almost equally split between domestic and international markets.
“Fast casual, with a particular focus on the better burger category, has grown from a very small percentage of our sales to well over 20 percent of revenue over the past year. This acquisition allows us an immediate presence in the franchising of the better burger category which we are committed to under Rich Adam’s leadership and the team we have developed internationally. We are thrilled that their senior management and operations team have agreed to stay on board and they remain committed to the future success of BGR and of Chanticleer Holdings,” said Mike Pruitt, CEO of Chanticleer Holdings, Inc.
“We are very excited to team up with such an established organization with the same values and vision as ours. We look forward to working with a seasoned management team as we continue to build our business, in particular the international market where Chanticleer is strong,” stated Jay Ripley, Chairman of BGR. “Given we are taking a portion of the purchase price in shares of Chanticleer Holdings, we look forward to being a part of its future success.”