FAT Brands Inc FAT has agreed to acquire Native Grill & Wings, an Arizona-based restaurant chain, for $20 million. Native Grill & Wings is owned by Wingtime LLC, a subsidiary of Cybeck Capital Partners LLC.
- With the acquisition, FAT Brands will have more than 2,300 franchised and corporate-owned stores worldwide with a combined annual system-wide sales of approximately $2.3 billion.
- "With the chicken wing sector growing in popularity throughout the pandemic, we knew that we wanted to continue developing our portfolio further into this category by bringing in a brand that would complement our existing wing concepts," said CEO Andy Wiederhorn.
- FAT Brands plans to fund the acquisition with cash from issuing new notes from its securitization facilities and is expected to close in mid-December 2021.
- The company held $43.5 million in cash and equivalents as of September 26, 2021.
- Price Action: FAT shares are trading higher by 3.18% at $11.35 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in