RTTNews | Sep 1, 2021 06:22AM EDT

06:21 Wednesday, September 1, 2021 (RTTNews.com) - FAT Brands Inc. (FAT), a restaurant franchising company, announced Wednesday that it has agreed to acquire Twin Peaks restaurant chain for $300 million.

Twin Peaks, a chain of sports lodges known for scratch-made food and signature 29 draft beers, will be brought from Garnett Station Partners.

The transaction is expected to close 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 shares of Series B preferred stock.

FAT Brands expects the acquisition of Twin Peaks to expand its portfolio from quick-service, fast casual and casual dining concepts into the fast-growing segment of polished casual dining.

The purchase of Twin Peaks is expected to bring FAT Brands' systemwide sales from approximately $1.4 billion to over $1.8 billion across more than 2,100 franchised and corporate-owned stores around the world.

The addition of Twin Peaks, including the new stores due to open and under development, would increase FAT Brands' post-COVID normalized EBITDA by approximately $25 to $30 million.

Read the original article on RTTNews ( https://www.rttnews.com/3222468/fat-brands-to-buy-twin-peaks-restaurant-chain-for-300-mln.aspx)

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