Tuesday, February 16, 2010
PRESS RELEASE
For immediate release, 2/16/10, 8:48PM CST
American Pride is proud to announce they have purchased Hooters of America for $275M, plus the assumption of Hooters' debt, the value of which is being estimated at $68M, for a total of $343M. The all-cash transaction is scheduled to be completed 4/23/10.
Hooters is the 7th largest casual dining chain in the world, and American Pride is proud to add it to the growing number of businesses under the AP umbrella, including Freedom, Liberty, and Night Owl movie theaters and entertainment complexes; American Motivation seminars, American Capitalist financial services, American Security Preservation insurance, White Castle, Biggby Coffee, and the Newcastle United franchise, currently competing in the Coca-Cola League 1 (but soon will return to the English Premier League).
Hooters is proud to announce they will become the title sponsor of the North American Poker Tour, which will now be known as the Hooters North American Poker Tour. This agreement includes adding $2M to the purse at each HNAPT stop in 2010 (that has not yet taken place), mentions on each return from commercial on ESPN, both verbal and graphic, and on all signage, poker chips, playing cards, and poker tables. Hooters will also purchase a minimum of two minutes of ad time on each first run hour episode on ESPN for 50% of the market rate.
For immediate release, 2/16/10, 8:48PM CST
American Pride is proud to announce they have purchased Hooters of America for $275M, plus the assumption of Hooters' debt, the value of which is being estimated at $68M, for a total of $343M. The all-cash transaction is scheduled to be completed 4/23/10.
Hooters is the 7th largest casual dining chain in the world, and American Pride is proud to add it to the growing number of businesses under the AP umbrella, including Freedom, Liberty, and Night Owl movie theaters and entertainment complexes; American Motivation seminars, American Capitalist financial services, American Security Preservation insurance, White Castle, Biggby Coffee, and the Newcastle United franchise, currently competing in the Coca-Cola League 1 (but soon will return to the English Premier League).
Hooters is proud to announce they will become the title sponsor of the North American Poker Tour, which will now be known as the Hooters North American Poker Tour. This agreement includes adding $2M to the purse at each HNAPT stop in 2010 (that has not yet taken place), mentions on each return from commercial on ESPN, both verbal and graphic, and on all signage, poker chips, playing cards, and poker tables. Hooters will also purchase a minimum of two minutes of ad time on each first run hour episode on ESPN for 50% of the market rate.
PRESS RELEASE, 2/16/10
American Pride is currently in negotiations to purchase Hooters of America, a casual restaurant chain with over 450 locations in the world. Hooters is the 7th largest casual dining chain in the world, and had revenues of over $750M in 2009.
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Not for public disclosure...plan is to offer a total of $350M, including assumption of debt.
American Pride is currently in negotiations to purchase Hooters of America, a casual restaurant chain with over 450 locations in the world. Hooters is the 7th largest casual dining chain in the world, and had revenues of over $750M in 2009.
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Not for public disclosure...plan is to offer a total of $350M, including assumption of debt.
