Scoop: Fat Brands may complete Twin Peaks IPO by end of fiscal Q1
Fat Brands could complete an IPO of sports bar chain Twin Peaks by the end of its fiscal Q1 on April 30, a source close to the company's thinking tells Axios.
Catch up fast: The Los Angeles-based parent of Fatburger has been planning a public offering of Twin Peaks since last summer, but the window never fully opened, the source says.
Details: Sports bar chain Twin Peaks has not yet filed, the source cautions.
- But the source indicates it is imminent, noting it takes about three months between filing and pricing.
- Barbecue chain Smokey Bones, which Fat Brands acquired from Sun Capital last September, would likely be included in the Twin Peaks offering, the source says.
- Fat Brands will likely float a 20% stake while retaining 80%, the source says.
Of note: The source says there's also an option to sell the business.
- Either way, proceeds would go toward debt reduction.
Meanwhile: Fat Brands has also weighed selling its cookie dough factory in Atlanta, the source says.
- The facility, however, is only at 40% capacity.
- The company would likely need to acquire a couple of cookie brands to increase the capacity to 60% or 70% and then sell it, the source says.
- A modest amount of capital expenditure could even double the factory's capacity.
Flashback: Fat Brands traces its history back to 2003 and now encompasses 18 brands, including Johnny Rockets and Great American Cookie.