FAT Brands Inc. Completes Acquisition of Fazoli’s Restaurant Chain
2021年12月16日 - 8:00PM
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT
Brands” or the “Company”) today announced the completion of its
pending acquisition of Fazoli’s from funds under management by
Sentinel Capital Partners for $130 million. The acquisition marks
FAT Brands’ debut into the Italian quick-service dining category.
With over 200 stores currently open and a
development pipeline of 100 units over the next several years, the
purchase of Fazoli’s will increase FAT Brands’ footprint to
approximately 2,300 franchised and corporate-owned stores around
the world, bringing 2022 expected systemwide sales at FAT Brands to
more than $2.2 billion.
“This has been a year of tremendous growth for
FAT Brands. While we have focused on expanding our footprint and
scale via strategic acquisitions, we also continue to show strong
same-store sales systemwide,” said FAT
Brands CEO Andy Wiederhorn. “Fazoli’s has had an
outstanding year when it comes to brand performance with three
quarters of record-setting sales. We are eager to integrate
Fazoli’s into our portfolio, working with CEO Carl Howard and team
to build upon this great success going into 2022.”
“Fazoli’s has had a historic year. Our store
traffic continues to soar, and our domestic development pipeline
couldn’t be any stronger,” said Carl Howard, CEO of Fazoli’s. “Now
a part of FAT Brands, we will look to tap into their scale and
global presence to bring our delectable Italian cuisine to new
markets internationally to one day take the title of largest,
premium QSR Italian chain worldwide.”
For FAT Brands, Duff & Phelps Securities,
LLC served as financial advisor and Foley & Lardner LLP acted
as legal counsel. For Sentinel Capital Partners, North Point
Mergers and Acquisitions Inc. served as financial advisor and
Winthrop & Weinstine, P.A. acted as legal counsel.
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About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global
franchising company that strategically acquires, markets and
develops fast casual, quick-service, casual and polished casual
dining restaurant 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 over 2,100
units worldwide. For more information on FAT Brands, please
visit www.fatbrands.com.
About Fazoli’s
Founded in 1988 in Lexington, KY, Fazoli's owns
and operates nearly 220 restaurants in 28 states, making it the
largest premium QSR Italian chain in America. Fazoli's prides
itself on serving premium quality Italian food, fast, fresh and
friendly. Menu offerings include freshly prepared pasta entrees,
Submarinos® sandwiches, salads, pizza and desserts – along
with its unlimited signature breadsticks.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the ability of
Fazoli’s to open new stores under development, the future financial
performance and growth of the 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 concerning 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 successfully integrate and exploit the synergies of the
acquisition of Fazoli’s, the Company’s ability to grow and expand
revenues and earnings following the acquisition, and uncertainties
surrounding the severity, duration and effects of the COVID-19
pandemic. 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 such forward-looking statements. We refer you to the documents
we file from time to time with the Securities and Exchange
Commission, such as our reports on Form 10-K, Form 10-Q and Form
8-K, for a discussion of these and other risks and uncertainties
that could cause our actual results to differ materially from our
current expectations and from the forward-looking statements
contained in this press release. We undertake 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 Brandsemandzik@fatbrands.com860-212-6509
INVESTOR RELATIONS:Lynne Collier,
ICRIR-FATBrands@icrinc.com646-430-2216
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