Fat Brands, parent company to Fatburger, Johnny Rockets and other restaurant brands, has agreed to acquire casual-dining chain Twin Peaks from Garnett Station Partners for $300 million, the company announced Wednesday. The deal is expected to close by the end of the month.
The acquisition comes on the heels of Fat Brands buying Global Franchise Group, parent company to quick-service brands Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery and Pretzelmaker, in July.
“Twin Peaks is a noteworthy addition for Fat Brands,” said Fat Brands CEO Andy Wiederhorn in a statement. “Following the recent acquisition of Johnny Rockets and Global Franchise Group, this acquisition comes at a time when we’re seeking to expand our market segments into sports and polished casual dining.”
Fat Brands bought Johnny Rockets from Sun Capital Partners last fall, and Wiederhorn told NRN this July that Fat Brands was looking to more acquisitions to “round out the portfolio.”
“The sale of Twin Peaks to Fat Brands marks a major milestone for us after a year of consistent sales growth as we work towards our vision of becoming a global-facing brand,” said Joe Hummel, CEO of Addison, Texas-based Twin Peaks. “Fat Brands has a proven track record of scaling and introducing concepts to international markets. We’re excited to be part of Andy’s vision as he continues to build Fat Brands.”
Twin Peaks has more than 80 locations in 25 states.
Contact Leigh Anne Zinsmeister at [email protected]