Fat Brands (NASDAQ: FAT) has acquired Twin Peaks, a national sports bar and grill franchise company, from Garnett Station Partners LLC, a New York-based principal investment firm, for $300 million.
Based in Dallas, Texas and founded in 2005, Twin Peaks offers a food and beverage menu, which includes its signature draft beer, in a mountain sports lodge setting.
“Twin Peaks is a truly unique concept within the casual dining industry, with a best-in-class management team and committed franchisees, as demonstrated by its significant growth and consistently strong financial results throughout its partnership with Garnett Station,” said Matt Perelman, partner at Garnett Station Partners. “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.”
“Our business has returned to tremendous growth and success over the past six months – from rapid franchise development to same store sales outperformance – and we’re just getting started,” said Joe Hummel, chief executive officer at Twin Peaks. “We are thankful for the years of support and guidance from Garnett Station, whose unique multi-industry experience has helped us identify value creation levers across all aspects of our business. Our new partnership with Fat Brands will allow us to accelerate our ambitious growth trajectory, with the synergies now available through our new parent. Above all, we’re excited to continue working with our franchisees to create great experiences for our customers and long-term growth.”
Duff & Phelps Securities LLC served as financial advisor to Garnett Station Partners and Kirkland & Ellis LLP acted as legal counsel to Garnett Station Partners. Greenberg Traurig LLP acted as legal counsel to Fat Brands Inc.