Restaurant franchising company FAT Brands announced on Sept that it has agreed to acquire sports bar and grill chain Twin Peaks for $300 million. Dallas-based Twin Peaks, founded in 2005, had been owned by an affiliate of New York-based principal investment firm Garnett Station since March 2019.
FAT Brands currently owns 14 restaurant brands including Fatburger, Johnny Rockets, Great American Cookies, Hot Dog on a Stick, Hurricane Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 2,000 units worldwide. The Twin Peaks acquisition will expand the FAT Brands portfolio from quick-service, fast casual and casual dining concepts into the fast-growing segment of polished casual dining.
Since Garnett Station’s investment, Twin Peaks has increased unit count by about 15%, grown adjusted earnings by approximately 50% and significantly increased both its same store sales and company revenue. The chain is known for its scantily clad and attentive Twin Peaks Girls servers, as well as its made-from-scratch food, 29-degree draft beer and mountain sports lodge settings.