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Fat Brands also acquired Johnny Rockets in Sept. 2020.

Fat Brands completes $300 million acquisition of Twin Peaks—its second major purchase this year

The purchase completion Twin Peaks brand from Garnett Station Partners follows the acquisition of Global Franchise Group in July

Fat Brands announced the completion of the $300 million acquisition of casual-dining ‘breastaurant’ sports bar brand Twin Peaks on Friday after initially agreeing to the purchase in September.

This is the Fat Burger and Hurricane Grill & wings parent company’s second purchase in 2021, after completing the acquisition of Global Franchise Group in July, which included mainly snack and dessert brands like Hot Dog on a Stick, Marble Slab Creamery, Pretzelmaker, and Great American Cookies. Before that, Fat Brands’ last major purchase was 50s diner-themed Johnny Rockets, which was completed in September 2020.

“Fat Brands is committed to an aggressive growth strategy, which underlies our strong M&A activity over the last year,” Fat Brands CEO Andy Wiederhorn said in a statement. “When assessing potential acquisitions, we look to identify brands that not only complement our existing portfolio, but also deliver high average unit volumes and a strong growth pipeline, Twin Peaks checks all of these boxes. This is a brand that we can grow globally at a fast pace, and we look forward to building upon the strong growth that was achieved under Garnett Station Partners.”

This latest transaction was funded with $250 million in principal amount of new securitization notes and the issuance to the sellers of shares of Series B preferred stock, according to Fat Brands.

Back in December, Wiederhorn hinted to Nation’s Restaurant News that they are firmly in M&A mode and would be looking to acquire a fast-casual or casual-dining brand next, around the same size as Johnny Rockets.

With the acquisition of Twin Peaks, Fat Brands’ portfolio tops 2,100 franchised and corporate-owned restaurants with combined sales of $1.8 billion.

FAT Brands plans to grow at 10% (or 60-70 new restaurants) per year.

Contact Joanna Fantozzi at [email protected]

Follow her on Twitter: @JoannaFantozzi

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