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In an interview with Bloomberg, FAT Brands founder/chairman Andy Wiederhorn said Twin Peaks is the company’s largest brand by sales and has “significant growth opportunities.”

FAT Brands is seeking an IPO for Twin Peaks

Restaurant group founder/chairman Andy Wiederhorn said Twin Peaks has ‘significant growth opportunities.’

FAT Brands, parent company of 17 restaurant brands, is seeking an initial public offering of Twin Peaks, a sports bar concept that recently opened its 100th location. FAT Brands acquired Twin Peaks in 2021 for $300 million.

In an interview with Bloomberg, FAT Brands founder/chairman Andy Wiederhorn said Twin Peaks is the company’s largest brand by sales and has “significant growth opportunities.” Twin Peaks restaurants, he added, generate an annual net profit of about 15% to 20%.  FAT Brands said the move to go public will continue Twin Peaks’ growth, which is currently paced at just over 20 new restaurants a year, and that the timing and size of the transaction will be subject to market conditions and other factors.

In a recent interview, Twin Peaks CEO Joe Hummel said Twin Peaks is expected to double its footprint by 2027 and also surpass the $1 billion sales mark. According to Datassential’s 2022 Top 500, the Dallas-based sports lodge concept grew its footprint by 2.5% from 2021 to 2022. Its sales growth jumped by 23% year-over-year – from $397,229,655 in 2021 to $488,621,350 in 2022. AUVs have also jumped by double digits – from $4.9 million in 2021 to $5.6 million in 2022.

This growth puts the chain at No. 103 overall on Datassential’s Top 500, from No. 108 in 2021, passing Logan’s Roadhouse, Round Table Pizza, Mellow Mushroom, Taco John’s and Long John Silver’s along the way.

This news comes a day after Cava’s IPO filing and about a week after Panera Brands announced its intention to go public again. Wiederhorn told Bloomberg there is pent-up demand for restaurant IPOs and there just may be after a relatively quiet 2022. Conversely, five restaurant companies went public in 2021 – Krispy Kreme, Portillo’s, First Watch, Dutch Bros., and Sweetgreen.

FAT Brands’ shares jumped by 11% on the news Tuesday morning.

Contact Alicia Kelso at [email protected]

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