Deal Dispatch: Hooters Plans Restructuring, Prada In Talks To Acquire Versace – Celsius Holdings (NASDAQ:CELH), Dollar Tree (NASDAQ:DLTR)

Hooters of America is huddling up with its creditors to cook up a bankruptcy restructuring plan.

The famous BBQ wing chain has enlisted legal heavyweights at Ropes & Gray to prep the filing, according to Bloomberg. The court showdown could kick off within the next two months.

Known for its crop-top uniforms and winking owl mascot, Hooters is trying to get its financial house in order with help from turnaround pros at boutique firm Accordion Partners.

Meanwhile, some of its lenders have brought in Houlihan Lokey to also advise the process.

What Else Is On The Bankruptcy Block?

Hooters isn’t the only sit-down dining spot feeling the heat of Chapter 11.

Mediterranean fast-casual chain Rōti, for example, recently sold out of bankruptcy. According to Crain’s Chicago, a private-equity firm led by the founder of Edible Arrangements agreed to take it over.

Rōti will retain 17 of its 19 locations once the deal is complete.

The culprit behind these filings? Fewer customers waltzing through doors thanks to inflation. Plus, supply chain headaches, and soaring interest rates are pushing menu prices skyward. As a result, more folks are opting to cook at home.

More than a dozen major restaurant groups or franchisees waved the white flag and filed for bankruptcy last year, including Red Lobster and TGI Fridays.

New On The Block

• Family Dollar, a discount retailer owned by Dollar Tree DLTR, is for sale. Reuters reports that several buyout firms — Apollo Global Management, Sycamore Partners,and Brigade Capital Management — are interested.

• HBM Healthcare Investments is shopping Baar, Switzerland-based Swixx Biopharma to potential buyers. Bloomberg put the valuation at about 1.5 billion Swiss francs ($1.7 billion). Jefferies Financial Group Inc. and Centerview Partners are handling the sale.

Updates From The Block

• Italian media outlet Daily Il Sole 24 reports that Prada Group is actively trying to buy Versace. Investment bank Citi is reportedly advising Prada on a potential acquisition. Versace has been under the ownership of Capri Holdings since 2018. Since mid-December, speculation has been mounting that Capri is gearing up to sell Versace, along with another brand in its portfolio—Jimmy Choo. Barclays is advising Capri Holdings to circulate the dossier among potential buyers. This week, Bloomberg reported that Prada has gained access to Versace’s latest financial and sales figures.

• Carlyle Group, Thoma Bravo, and TA Associates have advanced to the final bidding round for French software firm SmartTrade Technologies, Bloomberg reports. Current offers value the company at $577 million. Hg, SmartTrade’s owner, aims to select a buyer by late March.

• Private equity firms are also lining up for Goodpack, a Singapore-based logistics service provider. The price tag is expected to be about $1.5 billion. KKR & Co. KKR is on the sell side, while Apollo Global Management Inc., I Squared Capital and Stonepeak Partners are among the bidders.

Off The Block

• Alani Nu, a female-focused energy drink brand, agreed to a deal with Celsius CELH for $1.8 billion. This is just the latest in a string of energy drink deals. Ghost belongs to Keurig Dr Pepper KDP and Bang Energy is owned by Monster, and PepsiCo PEP purchased Rockstar Energy for $3.9 billion.

• Valvoline VVV purchased Breeze Autocare, an automotive maintenance services company, from Greenbriar Equity Group for $625 million. Breeze tapped Jefferies LLC and Piper Sandler & Co. as financial advisors. Kirkland & Ellis LLP handled legal matters. Morgan Stanley & Co. LLC advised Lexington, Kentucky-based Valvoline on the purchase.

For last week’s edition of the Deal Dispatch, click here.

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