Ares-Backed Restaurant Chain Cooper’s Hawk Plans 2022 IPO

(Bloomberg) -- Cooper’s Hawk Winery & Restaurants, a casual-dining chain and wine club backed by Ares Management Corp., is planning a U.S. initial public offering this year, according to people with knowledge of the matter.

The Downers Grove, Illinois-based restaurant is targeting a valuation of more than $1 billion in the listing, the people said, asking not to be identified discussing private information. The company is working with advisers including Bank of America Corp., Jefferies Financial Group Inc. and Piper Sandler Cos. on the listing, the people said. 

Representatives for Ares Management and Bank of America declined to comment. Representatives for Cooper’s Hawk, Jefferies and Piper Sandler didn’t immediately respond to requests for comment.

Founded in 2005, Cooper’s Hawk operates what it calls an upscale-casual dining restaurant chain, according to its website. It also runs a wine club that has almost 350,000 members and is growing at an annual rate of 25%, the company has said. 

Private equity firm Ares Management announced an investment in Cooper’s Hawk in 2019. Terms of the deal weren’t disclosed. 

©2022 Bloomberg L.P.