FAT (Fresh. Authentic. Tasty.) Brands
Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”)
announced today that it has agreed to acquire the Johnny Rockets
restaurant chain from an affiliate of private equity firm Sun
Capital Partners, Inc. for approximately $25 million. The deal will
be funded through cash on hand and proceeds generated from the
Company’s securitization facility. The purchase is expected to be
completed in September 2020. With the acquisition of Johnny
Rockets,
FAT Brands will have more than
700 franchised and company owned restaurants around the globe with
annual system-wide sales exceeding $700 million.
Johnny Rockets was founded in 1986 with its
first location on the iconic Melrose Avenue in Los Angeles,
California. Known for its 1950s diner style décor, the chain serves
up freshly-made, classic burgers and indulgent, hand-spun real ice
cream shakes. Johnny Rockets currently has over 325 locations
across the U.S. and internationally, including 9 company owned
locations.
“FAT Brands is delighted to
carry the torch from the affiliate of Sun Capital Partners, Inc., a
global private equity leader with deep investment and operational
experience, and run hard,” said Andy Wiederhorn, President and CEO
of FAT Brands. “Similar
to Fatburger, Johnny Rockets got its start in Los Angeles, and we
couldn’t be more pleased to add another true staple in our home
city to our portfolio. This acquisition is a transformative event
for FAT Brands in terms of scale and brand
awareness. We see a lot of synergy with Johnny Rockets and our
current restaurant concepts and we are eager to take the brand to
new heights.”
Duff & Phelps served as financial advisor to
Sun Capital Partners, Inc. and Morgan, Lewis & Bockius LLP
acted as legal counsel to Sun Capital Partners, Inc., Loeb &
Loeb LLP acted as legal counsel to FAT Brands and Andersen Tax LLC
served as tax advisor to FAT Brands Inc.
For more information, please visit www.fatbrands.com.
Management’s Prepared Remarks
FAT Brands will host management’s prepared
remarks at 9:00 AM ET today, Thursday, August 13th, accessible via
webcast at www.fatbrands.com under the “invest” section
or via phone by dialing 1-877-705-6003. A replay will be available
after the call until August 20th, 2020, and can be accessed by
dialing 1-844-512-2921. The passcode is 13708482.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global
franchising company that strategically acquires, markets and
develops fast casual and casual dining restaurant concepts around
the world. The Company currently owns eight restaurant brands:
Fatburger, Buffalo’s Cafe, Buffalo’s Express, Hurricane Grill &
Wings, Elevation Burger, Yalla Mediterranean and Ponderosa and
Bonanza Steakhouses, and franchises over 375 units worldwide. For
more information, please visit www.fatbrands.com.
About Johnny Rockets
Founded in 1986 on iconic Melrose Avenue in Los
Angeles, Johnny Rockets is a world-renowned, international
restaurant franchise that offers high quality, innovative menu
items including items including Certified Angus Beef®
cooked-to-order hamburgers, Boca Burger®, chicken sandwiches,
crispy fries and rich, delicious hand-spun shakes and malts. With
nearly 325 franchise and corporate locations in over 25 countries
around the globe, this dynamic lifestyle brand offers friendly
service and upbeat music contributing to the chain’s signature
atmosphere of relaxed, casual fun. To learn more about the Johnny
Rockets brand, please visit the brand website
at www.johnnyrockets.com, or follow us
on Facebook, Twitter and Instagram.
About Sun Capital Partners,
Inc.
In 2020, Sun Capital Partners, Inc. celebrates
25 years of investing; identifying companies’ untapped potential,
and accelerating value through operational excellence. Since 1995,
Sun Capital has invested in more than 375 companies worldwide with
revenues in excess of $50 billion across a broad range of
industries and transaction structures. Over the quarter century,
the Firm has built a reputation as a trusted partner recognized for
its investment and operational experience, including particular
expertise in Business and Consumer Services, Healthcare, Industrial
and Consumer sectors. Sun Capital has offices in Boca Raton, Los
Angeles and New York, and an affiliate with offices in London.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the future
financial performance and growth of the Company and Johnny Rockets,
the Company’s ability to complete the acquisition of Johnny
Rockets, the Company’s ability to leverage its expertise and
infrastructure and successfully integrate and exploit the synergies
of the acquisition, and the Company’s ability to conduct future
accretive acquisitions. Forward-looking statements reflect the
Company’s expectations concerning the future and are subject to
significant business, economic and competitive risks, uncertainties
and contingencies including, but not limited to, uncertainties
surrounding the severity, duration and effects of the COVID-19
pandemic, many of which are difficult to predict and beyond our
control and which could cause our actual results to differ
materially from the results expressed or implied in such
forward-looking statements. We refer you to the documents we file
from time to time with the Securities and Exchange Commission, such
as our reports on Form 10-K, Form 10-Q and Form 8-K, for a
discussion of these and other risks and uncertainties. We undertake
no obligation to update any forward-looking statement to reflect
events or circumstances occurring after the date of this press
release.
####
ContactsMedia Relations:JConnellyErin
Mandzikemandzik@jconnelly.com862-246-9911
Investor Relations:ICRAshley
DeSimoneIR-FATBrands@icrinc.com646-677-1827
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