FAT Brands continues to focus on expanding its restaurant portfolio, entering the Italian restaurant category
LOS ANGELES, December 16, 2021 (GLOBE NEWSWIRE) – FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (âFAT Brandsâ or the âCompanyâ) today announced the completion of its acquisition Fazoli’s current funds managed by Sentinel Capital Partners for $ 130 million. The acquisition marks FAT Brands’ debut in the Italian quick service restaurant category.
With more than 200 stores currently open and a development pipeline of 100 units over the next few years, the purchase of Fazoli’s will increase FAT Brands’ footprint to approximately 2,300 franchise and corporate-owned stores worldwide, which will bring expected system-wide sales to 2022 at FAT Brands. to over $ 2.2 billion.
âIt has been a year of tremendous growth for FAT Brands. While we have focused on expanding our footprint and scale through strategic acquisitions, we also continue to show strong same-store sales system-wide, âsaid Andy Wiederhorn, CEO of FAT Brands. âFazoli’s had an exceptional year in terms of brand performance with three quarters of record sales. We look forward to incorporating Fazoli into our portfolio, working with CEO Carl Howard and his team to build on this great success until 2022. â
âFazoli’s has had a historic year. Our store traffic continues to skyrocket and our national development pipeline couldn’t be stronger, âsaid Carl Howard, CEO of Fazoli’s. âNow a member of FAT Brands, we will look to leverage their scale and global presence to bring our delicious Italian cuisine to new international markets and one day win the title of the world’s largest premium fast food chain in the world. . “
For FAT Brands, Duff & Phelps Securities, LLC acted as financial advisor and Foley & Lardner LLP as legal advisor. For Sentinel Capital Partners, North Point Mergers and Acquisitions Inc. acted as financial advisor and Winthrop & Weinstine, PA acted as legal advisor.
About FAT brands (Fresh. Authentic. Tasty.)
FAT Brands (NASDAQ: FAT) is a leading global franchise company that strategically acquires, markets and develops casual, quick-serve, casual and fine fast food concepts around the world. The company currently owns 15 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Twin Peaks, 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 of over 2,100 units worldwide. For more information on FAT brands, please visit www.fatbrands.com.
Founded in 1988 in Lexington, KY, Fazoli’s owns and operates nearly 220 restaurants in 28 states, making it the largest Italian high-end fast food chain in America. Fazoli’s is proud to serve top quality Italian cuisine that is fast, fresh and friendly. Menu offerings include freshly made pasta entrees, SubmarinosÂ® sandwiches, salads, pizzas and desserts, plus unlimited signature breadsticks.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to Fazoli’s ability to open new stores under development, future financial performance and growth of the company. Company following the acquisition of Fazoli’s, and the Company’s ability to conduct future accretive and successful acquisitions. Forward-looking statements reflect the Company’s expectations for 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 integrate and successfully exploit the synergies of the acquisition of Fazoli’s, the ability of the company to grow and increase its revenues and profits after the acquisition, and the uncertainties surrounding the severity, duration and effects of the pandemic of COVID-19. 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 these forward-looking statements. We refer you to documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Forms 10-K, 10-Q and 8-K, for a discussion of these risks and uncertainties that could make so that our actual results differ materially from our current expectations and from the forward-looking statements contained in this press release. We assume no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
MEDIA CONTACT: Erin Mandzik, FAT Brands [email protected] 860-212-6509
INVESTOR RELATIONS: Lynne Collier, ICR [email protected] 646-430-2216
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