FAT Brands To Acquire Native Grill & Wings For $20M

FAT Brands Inc (NASDAQ: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.