By Denny Jacob
Franchising company Fat Brands acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners for $30 million.
Fat Brands, which owns 17 restaurant brands including Johnny Rockets and Round Table Pizza, said the acquisition was funded by its existing securitization facilities. The move is its first into barbecue.
The purchase is expected to increase annual adjusted earnings before interest, taxes, depreciation and amortization by about $10 million, according to Fat Brands.
“Having a strong player in the barbecue space provides another arrow in our quiver for the polished dining segment and opens the door for additional growth strategies for our sister brands,” said Fat Brands Chairman Andy Wiederhorn.
Write to Denny Jacob at [email protected]
Read the full article here