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Is Hooters Private Equity Owned?
🟡 FORMERLY PE OWNED
Hooters
Includes Hooters of America
casual dining · Atlanta, GA
Acquirer
Nord Bay Capital / TriArtisan Capital Advisors
Year Acquired
2019
“Same PE firm that wrecked TGI Friday's got its hands on Hooters — and the results were predictably disastrous.”
What Happened
- •Nord Bay Capital and TriArtisan Capital Advisors acquired Hooters in 2019, saddling the chain with roughly $376 million in debt
- •Filed Chapter 11 bankruptcy on March 31, 2025 — TriArtisan's third restaurant chain to hit financial crisis alongside TGI Friday's
- •Sold over 100 corporate-owned locations to franchisees during the bankruptcy process to shed costs
- •Emerged from bankruptcy in October 2025 via a founder-led buyout — the people who built it had to buy it back from PE
The Damage Done
- ▸Dozens of locations closed during the bankruptcy — including some that shut without warning, leaving staff jobless overnight
- ▸Years of debt payments meant zero investment in remodeling or updating restaurants — the chain visibly aged while competitors refreshed
- ▸Service quality suffered as corporate cost-cutting reduced staffing levels and limited menu innovation
- ▸A once-iconic American restaurant brand became a cautionary tale — bought by the same PE firm that already wrecked TGI Friday's
Sources
Also owned by TriArtisan Capital Advisors
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Frequently Asked Questions
Is Hooters owned by private equity?
Not anymore. Hooters was formerly owned by TriArtisan Capital Advisors starting in 2019, but the firm has since exited. The effects of PE ownership often linger.
What happened to Hooters after the acquisition?
Dozens of locations closed during the bankruptcy — including some that shut without warning, leaving staff jobless overnight Years of debt payments meant zero investment in remodeling or updating restaurants — the chain visibly aged while competitors refreshed
Who owns Hooters?
Hooters is owned by TriArtisan Capital Advisors, which acquired it in 2019.