Fat Brands Eyes IPO For Twin Peaks Business: Report

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• Fat Brands Inc. FAT reportedly intends to spin off its Twin Peaks sports bar business.
• The restaurant franchising company seeks to maximize value for shareholders and boost the company's growth with this spin-off.
• "It's the largest brand we own by same source sales and it has significant growth opportunities," reported Bloomberg, citing Fat Brands founder and Chairman Andy Wiederhorn.
• Fat Brands aims to complete an initial public offering of Twin Peaks in six to 12 months, with the new company fetching a value of $750 million to $1 billion, including debt, stated the report citing Wiederhorn.
• In 2021, Fat Brands acquired Twin Peaks for $300 million.
• Twin Peaks has a presence in 26 states and Mexico. Compared to when Fat Brands acquired the company, Twin Peaks expects to have 115 locations by the end of the year, a nearly 40% increase, added Bloomberg.
• Price Action: FAT shares closed higher by 4.17% at $6.50 on Monday.