West Coast Franchisor Adds Southwestern-style Restaurants with
International Growth Potential to its Portfolio of Brands
LOS ANGELES--(BUSINESS WIRE)--
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT)
(“FAT Brands” or the “Company”) announced that it has successfully
completed the acquisition of Homestyle Dining LLC, the parent company to
the Ponderosa Steakhouse and Bonanza Steakhouse brands (“Ponderosa” and
“Bonanza”), for $10.5 million. With the acquisition of Ponderosa and
Bonanza, FAT Brands’ franchisees now operate more than 300
restaurants around the globe with system-wide sales exceeding $300
million.
Established in 1965 and 1963 respectively, Ponderosa and Bonanza offer
the quintessential American steakhouse experience with a diverse menu
featuring delicious flame-grilled steaks and mouthwatering entrees. The
two brands operate more than 120 locations across the U.S., Canada,
Puerto Rico, the United Arab Emirates, Qatar and Taiwan. The Company
plans to develop a smaller-scale Ponderosa and Bonanza concept to drive
new store growth, specifically internationally, where demand for
traditional American fare continues to grow.
“Ponderosa and Bonanza both possess strong brand identities that appeal
to a broad consumer-base, and align with FAT Brands’ commitment
to providing guests with high-quality, made-to-order meals,” said Andy
Wiederhorn, President and CEO of FAT Brands. “The completion of
this acquisition will allow our management team to seamlessly extend
Ponderosa and Bonanza into new segments and expand their footprints in
existing markets through the Company’s extensive franchisee network.”
For more information, please visit www.fatbrands.com.
Fresh. Authentic. Tasty. Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that
strategically acquires, markets and develops fast casual and casual
dining restaurant concepts around the world. The Company currently owns
five restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and
Ponderosa and Bonanza Steakhouses, that have approximately 300 locations
open and 300 under development in 32 countries.
About Fatburger
An all-American, Hollywood favorite, Fatburger is a fast casual
restaurant serving big, juicy, tasty burgers, crafted specifically to
each customer’s liking. With a legacy spanning 70 years, Fatburger’s
extraordinary quality and taste inspire fierce loyalty amongst its fan
base, which includes a number of A-list celebrities and athletes.
Featuring a contemporary design and ambience, Fatburger offers an
unparalleled dining experience, demonstrating the same dedication to
serving gourmet, homemade, custom-built burgers as it has since 1952 –
The Last Great Hamburger Stand™.
About Buffalo’s Cafe
Founded in 1985 in Roswell, Georgia, the family themed casual dining
chain, known for its world famous chicken wings and 13 unique homemade
wing sauces, burgers, wraps, steaks and salads has been serving fresh
southwestern themed cuisine for over 32 years. Featuring a full bar and
table service, Buffalo’s Cafe offers an unparalleled dining experience
affording friends and family the flexibility to enjoy an intimate dinner
together or to casually catch the next sporting event while enjoying
robust menu offerings. Buffalo’s Cafe - Where Everyone Is Family™.
About Buffalo’s Express
Founded in 2012 in Los Angeles, CA, Buffalo’s Express is a fast casual
chain known for its world famous chicken wings, proprietary wing sauces,
fries, sides, wraps, salads and desserts. Co-branded with 72 Fatburger
restaurants to date, Buffalo’s Express’ significant growth can be
attributed to its high-quality menu offerings and unparalleled dining
experience. Featuring a contemporary design and ambience, whether guests
are dining in or having take-out/delivery, Buffalo’s Express offers
friends and families the flexibility to enjoy their world famous chicken
wings however they prefer. Buffalo’s Express – Where Everyone is Family™.
About Ponderosa and Bonanza Steakhouses
Known for offering family-friendly atmospheres, the Ponderosa Steakhouse
and Bonanza Steakhouse brands have been serving American cuisine for
more than 50 years. With 120 locations open and under development, the
chain of restaurants offers delicious, flame-grilled steaks and entrees
along with a high-quality buffet featuring an endless selection of
salads, soups, appetizers, vegetables, and desserts at affordable prices.
Forward-Looking Statements
This press release may include “forward-looking statements.” To the
extent that the information presented in this press release discusses
financial projections, information, or expectations about our business
plans, results of operations, products or markets, or otherwise makes
statements about future events, such statements are forward-looking.
Such forward-looking statements can be identified by the use of words
such as “should,” “may,” “intends,” “anticipates,” “believes,”
“estimates,” “projects,” “forecasts,” “expects,” “plans,” and
“proposes.” Although we believe that the expectations reflected in these
forward-looking statements are based on reasonable assumptions, there
are a number of risks and uncertainties that could cause actual results
to differ materially from such forward-looking statements. You are urged
to carefully review and consider any cautionary statements and other
disclosures, including the statements made under the heading “Risk
Factors” in our SEC filings, including our Offering Circular filed on
October 23, 2017. Forward-looking statements speak only as of the date
of the document in which they are contained, and FAT Brands does not
undertake any duty to update any forward-looking statements except as
may be required by law.
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Source: Fat Brands Inc.