FAT Brands Announces Intent to Take Twin Peaks Public
06 Giugno 2023 - 2:45PM
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) today
announced its plans to pursue an initial public offering of its
Twin Peaks restaurant business. The transaction is intended to
unlock value for FAT Brands’ shareholders by creating a separate
publicly traded company and help facilitate continued strong growth
of the restaurant chain and market segment.
Twin Peaks continues to redefine the sports
lodge dining category, most recently opening its 100th location.
Since the acquisition by FAT Brands in October 2021, Twin Peaks’
footprint has continued to grow both in unit count and
geographically, and now operates in 26 states and two countries.
The brand is slated to open 18 to 20 new lodges in 2023 and expects
to end 2023 with approximately 115 lodges, an almost 40 percent
increase in unit count since the acquisition. The brand also has a
committed development pipeline for an additional 109 franchise
locations. Over the next several years, Twin Peaks plans to double
its unit count to more than 200 lodges and increase the mix of
franchised locations from 70 percent today to more than 80 percent.
The planned unit growth is expected to increase systemwide sales to
approximately $1.0 billion.
“Twin Peaks was an exceptional acquisition for
us in 2021,” said Ken Kuick, Co-CEO and CFO of FAT Brands. “Led by
veteran CEO Joe Hummel and a seasoned management team, Twin Peaks
continues to produce industry-leading average unit volumes, with
annual same-store sales increasing by 11.3 percent in 2022. We
believe that creating a separate publicly traded company will
provide the best opportunity to further enhance the brand,
capitalize on its expansion plans and build upon its position as a
leader in the sports lodge dining category.”
The timing and size of the transaction to take
Twin Peaks public will be subject to market conditions and other
factors. FAT Brands plans to remain the majority owner of the new
publicly traded company following the transaction.
A registration statement has not yet been filed
with the U.S. Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of
any offer to buy, and there shall not be any sale of, any
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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About FAT (Fresh. Authentic. Tasty.)
Brands FAT Brands (NASDAQ: FAT) is a leading global
franchising company that strategically acquires, markets, and
develops fast casual, quick-service, casual dining, and
polished casual dining concepts around the world. The Company
currently owns 17 restaurant brands: Round Table Pizza, Fatburger,
Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great
American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express,
Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native
Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza
Steakhouses, and franchises and owns over 2,300 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 has 100 locations in the United States and
Mexico. Twin Peaks is a leading sports lodge-themed restaurant
chain featuring made-from-scratch food and 29-degree cold beer,
surrounded by scenic views and wall-to-wall TVs. At every Twin
Peaks, guests are immediately welcomed by a friendly Twin Peaks
Girl and served up a menu made for MVPs. From its smashed and
seared-to-order burgers to its in-house smoked brisket, pork and
wings, guests can expect menu items capable of satisfying every
appetite. For more information about Twin Peaks, please visit
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 outcome
and expected benefits of the planned transaction to take Twin Peaks
public, the future financial and operating results of Twin Peaks,
the timing and performance of its new store openings, and its
pipeline of new store locations. Forward-looking statements
generally use words such as “expect,” “intend,” “anticipate,”
“believe,” “project,” “should,” “estimate,” “will,” “plans,”
“forecast,” and similar expressions, and reflect our expectations
concerning the future. Forward-looking statements are subject to
significant business, economic and competitive risks, uncertainties
and contingencies, many of which are difficult to predict and
beyond our control, 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 filed by
FAT Brands Inc. from time to time with the U.S. Securities and
Exchange Commission, such as its 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 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 statements to reflect
events or circumstances occurring after the date of this press
release.
MEDIA RELATIONS: Erin Mandzik, FAT Brands
emandzik@fatbrands.com 860-212-6509
INVESTOR RELATIONS: Michelle Michalski,
ICRir-fatbrands@icrinc.com646-277-1224
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