FAT Brands acquires Smokey Bones for $30M cash; expects ~$10M annual adjusted EBITDA increase

Fat Brands, Inc

Acquired Smokey Bones Bar & Fire Grill (61 locations) from Sun Capital affiliate for $30M cash on Sept 25, 2023.
Purchase funded from existing securitization facilities; deal expected to add ~$10M to annual adjusted EBITDA.
Expands polished dining segment alongside Twin Peaks; first barbecue brand in FAT Brands' 17-concept portfolio.
Financial statements and pro forma information to be filed as an amendment within 71 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fat Brands, Inc entered into Stock Purchase Agreement with Barbeque Holding, LLC valued at $30,000,000 (effective 2023-09-25).

Action: entry
Agreement: asset purchase
Counterparty: Barbeque Holding, LLC
Value: $30,000,000
Effective: 2023-09-25

Exact text from the filing

On September 25, 2023, FAT Brands Inc. (the “ Company ”) acquired the Smokey Bones Bar & Fire Grill restaurant chain (“ Smokey Bones ”) from Barbeque Holding, LLC (the “ Seller ”), an affiliate of Sun Capital Partners, Inc., pursuant to a Stock Purchase Agreement (the “ Purchase Agreement ”) dated September 25, 2023.

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Fat Brands, Inc filing history →

Source: SEC EDGAR

accession 0001493152-23-033624

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