FAT Brands Inc. Completes $300 Million Acquisition of Twin Peaks Restaurant Chain
01 Outubro 2021 - 10:15AM
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT
Brands” or the “Company”) today announced the completion of its
pending acquisition of the Twin Peaks restaurant chain from Garnett
Station Partners for $300 million. As a result of the acquisition,
FAT Brands has entered a new restaurant category, polished casual
dining. The transaction was funded with the proceeds of $250
million in principal amount of new securitization notes and the
issuance to the sellers of shares of Series B preferred stock.
With the acquisition of Twin Peaks, FAT Brands
will have more than 2,100 franchised and corporate-owned stores
around the world with combined annual system-wide sales of
approximately $1.8 billion. The addition of the sports lodge
concept, including the new stores due to open and under
development, is expected to increase the Company’s post-COVID-19
normalized EBITDA by approximately $25 to $30 million. The Twin
Peaks transaction marks the third acquisition in the past twelve
months for the rapidly growing global franchising company,
including the acquisitions of Johnny Rockets in September 2020 and
Global Franchise Group in July 2021.
“FAT Brands is committed to an aggressive growth
strategy, which underlies our strong M&A activity over the last
year. 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,
said FAT Brands CEO Andy Wiederhorn. “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.”
For more information on FAT Brands, visit
www.fatbrands.com.
###
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 14 restaurant brands: Round
Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Great
American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express,
Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Yalla
Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises
over 2,000 units worldwide. For more information on FAT Brands,
please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of
Lewisville, Twin Peaks now has 82 locations in 25 states. Twin
Peaks is the ultimate sports lodge featuring made-from-scratch food
and the coldest beer in the business surrounded by scenic views and
the latest in high-definition TVs. At every Twin Peaks, guests are
immediately welcomed by a Twin Peaks team member and served up a
menu made for MVPs. From its smashed and seared to order burgers to
in-house smoked ribs and hand-breaded wings, guests can expect menu
items capable of satisfying every appetite. To learn more about
franchise opportunities, visit www.twinpeaksfranchise.com. For more
information, visit www.twinpeaksrestaurant.com.
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 FAT Brands following the
acquisition of Twin Peaks, including estimates of annual EBITDA and
annual revenues following the acquisition, the ability to open new
Twin Peak’s stores under development, and the Company’s ability to
conduct future accretive and successful 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, the Company’s ability to
successfully integrate and exploit the synergies of the acquisition
of Twin Peaks, the Company’s ability to grow and expand revenues
and earnings following the acquisition, and uncertainties
surrounding the severity, duration and effects of the COVID-19
pandemic. These risks, uncertainties and contingencies are
difficult to predict and beyond our control, and could cause our
actual results to differ materially from those 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
that could cause our actual results to differ materially from our
current expectations and from the forward-looking statements
contained in this press release. We undertake no obligation to
update any forward-looking statement to reflect events or
circumstances occurring after the date of this press release.
About Non-GAAP Projected Financial
Measures
This press release includes projections of
future EBITDA, a financial measure that is not prepared in
accordance with U.S. generally accepted accounting principles
(“GAAP”). EBITDA is defined as net income (loss), before interest
expense, income tax expense (benefit), depreciation and
amortization expense. EBITDA is not a measurement of the Company’s
financial performance under GAAP, and should not be considered in
isolation or as an alternative to net income (loss) as a measure of
financial performance, cash flows from operating activities as a
measure of liquidity, or any other performance measure derived in
accordance with GAAP. The Company believes that EBITDA is an
important supplemental measure of its operating performance because
it eliminates the impact of expenses that do not relate to business
performance. The Company also believes that this non-GAAP measure
is useful to investors because it and similar measures are
frequently used by securities analysts, investors and other
interested parties to evaluate companies in our industry and
provide additional information regarding growth rates on a more
comparable basis than would be provided without such
adjustments.
The Company prepared the information included in
this press release based upon available information and assumptions
and estimates that it believes are reasonable. The Company cannot
assure you that its estimates and assumptions will prove to be
accurate. Additionally, to the extent that forward-looking non-GAAP
financial measures are provided, they are presented on a non-GAAP
basis without reconciliations of such forward-looking non-GAAP
financial measures due to the inherent difficulty in forecasting
and quantifying certain amounts that are necessary for such
reconciliation.
MEDIA
CONTACT: Erin
Mandzik, JConnellyemandzik@jconnelly.com862-246-9911
INVESTOR RELATIONS:Lynne Collier,
ICRIR-FATBrands@icrinc.com646-430-2216
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