Sorry for the copy and paste press release, but I am in an all-day conference. Here goes:
CapRock Services, a Dallas-based financial services company which provides working capital and business solutions to hospitality clients across the United States, has signed a binding Letter of Intent to sell Spoon Bar and Kitchen in Dallas, Texas, to Chanticleer Holdings, Inc. (NASDAQ: HOTR). “A fantastic opportunity for CapRock and Spoon’s Executive Chef, John Tesar, presented itself, and we couldn’t pass. Chanticleer is a perfect fit for our future strategic plans around the Spoon brand,” says Joe Womack, President of CapRock Services. “With our extensive expertise in operational and financial management, and Chanticleer’s financial strength and successful track record in the development of restaurant concepts, we see a bright future between the two groups.
Chef John Tesar is well known for his stylish, modern American cuisine prepared with classic European techniques. Since receiving classical French training at La Varenne Ecole de Cuisine in Paris, Tesar has cooked in top-notch kitchens across the country accumulating several prestigious awards along the way. In November 2012, Tesar launched the fine dining seafood restaurant, which has received numerous accolades from national publications including Condé Nast Traveler, Bon Appétit, and Esquire Magazine.
Chanticleer, in conjunction with CapRock and Tesar, plans to open additional seafood concepts in Dallas, Texas. CapRock will continue to provide its core services and day-to-day management for each of the new locations, while Tesar will continue to serve as the creative and culinary force behind the brand.
Mike Pruitt, CEO and President of Chanticleer Holdings, commented, “This is an exciting opportunity for Chanticleer and Chef Tesar to expand the Spoon brand into a new, fast-casual dining concept. In fact, with John’s culinary knowledge, he will be invaluable to all of our brands.”
“We expect this to be the first of many transactions with Chanticleer,” further explains Womack. “We are actively searching for growth concepts, with 3 to 10 units, to help add to Chanticleer’s growing portfolio.”
For more information on CapRock Services, please visit www.caprockservices.com.