Fat Brands Acquires Twin Peaks for $300 Million

Courtesy of Twin Peaks on Facebook.
Courtesy of Twin Peaks on Facebook.

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.

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