(RTTNews) – FAT Brands Inc. (FAT), a restaurant franchise company, announced Wednesday that it has agreed to acquire restaurant chain Twin Peaks for $ 300 million.
Twin Peaks, a chain of sports lodges known for their ready meals and 29 ° draft beers, will be brought by Garnett Station Partners.
The transaction is expected to be finalized by the end of September 2021.
The acquisition will be funded with the proceeds of $ 250 million of new securitization notes and the issuance to the sellers of Series B preferred shares.
FAT Brands expects the acquisition of Twin Peaks to expand its portfolio of fast food, casual and casual dining concepts into the rapidly growing fine dining segment.
The Twin Peaks purchase is expected to boost FAT Brands’ system-wide sales from approximately $ 1.4 billion to over $ 1.8 billion at more than 2,100 franchised and corporate-owned stores. worldwide.
The addition of Twin Peaks, including new stores due to the opening and development, would increase FAT Brands’ post-COVID normalized EBITDA by approximately $ 25 million to $ 30 million.
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