Rapidly Growing West Coast Franchisor Adds Flavorful Grill and Wings
Franchise 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 previously announced acquisition of Hurricane Grill &
Wings (“Hurricane”) for $12.5 million, which was funded through a
combination of $8.0 million of cash and $4.5 million of preferred stock.
With the acquisition of Hurricane, FAT Brands now franchises more
than 325 restaurants around the world with annual system-wide sales
exceeding $350 million.
Founded in 1995, Hurricane Grill & Wings offers jumbo, fresh wings
paired with over 35 signature sauces, rubs, and glazes with a diverse
menu featuring flavorful fan-favorites including fries, tacos and
burgers. Hurricane franchises more than 50 locations across the U.S. The
Company plans to utilize Hurricane’s trademark tropical, laid-back
American atmosphere to drive new store growth globally. The Hurricane
brand is complementary to the Company’s existing portfolio brands,
including Buffalo’s Cafe and Buffalo's Express, each known for serving
world-famous chicken wings. The acquisition of Hurricane creates both
significant synergies and the opportunity for continued expansion of the FAT
Brands portfolio.
Andy Wiederhorn, President and CEO of FAT Brands,commented,
“Hurricane Grill & Wings' mission strongly aligns with FAT Brands'
commitment to providing guests with all-American food experiences and
high-quality, made-to-order meals, paired with an easygoing ambiance.
The completion of this acquisition will allow our management team to
expand Hurricane’s footprint in both existing markets and new
international markets through the Company’s extensive network of
franchise partners.”
“We are excited to complete our first acquisition since our IPO, and we
remain committed to asset-light growth through a combination of
accretive acquisitions of franchise brands and organic new store growth
of existing brands. We are ready to embark on this next phase of growth,
which we believe will create value for all of our shareholders,”
Wiederhorn concluded.
Hurricane Grill & Wings President & CEO John Metz stated, “We are
honored to officially join the FAT Brands family. This
partnership will enable our team to leverage FAT Brands' proven
expertise and robust infrastructure to realize our brand potential and
grow our presence around the world.”
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 Hurricane Grill and Wings
With over 50 restaurants open or under construction in eight states,
Florida-based Hurricane Grill & Wings® is known for its jumbo fresh
wings, more than 35 signature sauces and rubs and tropical, laid-back
vibe. Named by USA Today as one of “10 Great Places to Wing It;”
selected as one of the “Future 50” by Restaurant Business as well as one
of Franchise Times “Top 40 Fast and Serious,” Hurricane Grill & Wings’
menu includes crave-able Hurricane’s Garlic & Parm fries, tasty salads,
seafood entrees and fresh ½ pound burgers. The brand’s signature Rum Bar
with over 21 premium rums leads its tropical drinks menu, along with a
wide selection of craft beers and wines. The original Hurricane Grill &
Wings opened in Fort Pierce, Fla., in 1995 and has expanded to locations
in Alabama, Arizona, Colorado, Florida, Georgia, Kansas, New York, and
Texas. For more information, visit www.hurricanewings.com.
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 future financial performance and
growth of FAT Brands and Hurricane, the Company’s ability to
successfully integrate Hurricane and exploit the synergies of the
acquisition, the Company’s ability to conduct future accretive
acquisitions and achieve new store growth, and Hurricane’s ability to
leverage FAT Brands’ expertise and infrastructure. Forward-looking
statements generally use words such as "will," "expect," "foresee,"
"anticipate," "believe," "project," "should," "estimate," "plans,"
"forecast," and similar expressions, and reflect the Company’s
expectations concerning the future. It is possible that the Company’s
future results may differ materially from its current expectations or
those expressed or implied in these forward-looking statements. We refer
you to the documents that we file from time to time with the Securities
and Exchange Commission, including our reports on Form 10-K, Form 10-Q
and Form 8-K, for a discussion of the risks and uncertainties that could
cause our actual results to differ materially from our current
expectations or 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180705005071/en/
Investor Relations:
ICR
Alexis Tessier, 203-682-8286
IR-FATBrands@icrinc.com
or
Media
Relations:
Konnect Agency
Shelby Robinson/Rebecca Campbell
srobinson@konnectagency.com
rcampbell@konnectagency.com
213-988-8344
Source: FAT Brands, Inc.