FAT Brands Completes Acquisition of Hurricane Grill and Wings
05 July 2018 - 10:01PM
Business Wire
Rapidly Growing West Coast Franchisor Adds
Flavorful Grill and Wings Franchise to its Portfolio of Brands
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180705005071/en/
Investor Relations:ICRAlexis Tessier,
203-682-8286IR-FATBrands@icrinc.comorMedia Relations:Konnect
AgencyShelby Robinson/Rebecca
Campbellsrobinson@konnectagency.comrcampbell@konnectagency.com213-988-8344
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