Fat Brands Acquires Twin Peaks for $300 Million

Fat Brands has fattened up its portfolio with the acquisition of another restaurant chain to the tune of $300 million.

The parent company to Johnny Rockets, Ponderosa, Fatburger and other restaurant brands announced today it intends to purchase Twin Peaks, a national sports bar and grill, from the New York-based investment firm Garnett Station Partners.

An affiliate of Garnett Station invested in Twin Peaks in March 2019, and the brand since has increased its units by 15%, grown adjusted earnings by around 50% and increased same-store sales and company revenues, according to a press release from Garnett Station.

The Dallas-based Twin Peaks was founded in 2015 and has become known for its signature 29-degree draft beer and made-from-scratch food, all served in a mountain sports lodge setting.

“We have enjoyed working with the Twin Peaks team and wish them continued success with their new partners at Fat Brands, a leader in managing franchised, casual dining restaurant concepts,” says Matt Perelman, a partner at Garnett Station, in a press release.

The acquisition comes after an even bigger acquisition from Fat Brands earlier this summer. In July, the company completed the acquisition of Global Franchise Group for $442.5 million from Serruya Private Equity and Lion Capital.

The move resulted in Fat Brands gaining five new restaurant concepts—Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery and Pretzelmaker—and increasing its portfolio from around 700 units to more than 2,000 units worldwide.

The transaction marked the largest acquisition to date by a restaurant franchisor in 2021. Fat Brands’ other notable acquisitions include Johnny Rockets in 2020 and Elevation Burger in 2019.