FAT (Fresh. Authentic. Tasty.) Brands Inc. is announcing it has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners Inc. The acquisition marks FAT Brands' first foray into barbecue and expands the company's portfolio of polished dining chains, which currently includes Twin Peaks. The purchase is expected to increase annual adjusted EBITDA by approximately $10 million and bring 61 new corporate locations under FAT Brands’ umbrella. The $30 million transaction was funded from the company’s existing securitization facilities.
“We continue to be selective and opportunistic in our acquisition strategy, targeting brands that are both scalable and synergistic with our existing platform,” said Rob Rosen, co-CEO of FAT Brands. “We are pleased to add another polished dining brand, which will provide more options for our sales team to offer our franchise partners to further their new unit development.”