Garnett Station Partners Announces Agreement to Sell Twin Peaks to FAT Brands for $300 Million | Business
NEW YORK – (BUSINESS WIRE) – Jan. September 2021–
Garnett Station Partners, LLC (“Garnett Station”), a New York-based principal investment firm, today announced an agreement with one of its affiliates to sell Twin Peaks (the “Company”), a national sports bar and grill franchise, known. to FAT Brands (NASDAQ: FAT) for $ 300 million. Twin Peaks, based in Dallas, Texas, founded in 2005, offers high quality food prepared from the ground up and a category-defining drinks menu that includes the signature 29-degree draft beer in a comfortable, elegant mountain sports lodge setting.
“Twin Peaks is a truly unique concept in the casual dining industry with a world-class management team and dedicated franchisees, as evidenced by the significant growth and consistently strong financial results throughout our partnership with Garnett Station,” said Matt Perelman, Partner at Garnett Station Partners. “We really enjoyed working with the Twin Peaks team and wish them continued success with their new partners at FAT Brands, a leading provider of franchise restaurant concepts with an informal atmosphere.”
“Our business has returned to tremendous growth and success in the past six months – from rapid franchise development to above-average sales in the same business – and we’re just getting started,” said Joe Hummel, Twin Peaks chief executive officer . “We are grateful for the years of support and guidance from Garnett Station, whose unique cross-industry experience has helped us identify value levers in all aspects of our business. Our new partnership with FAT Brands will allow us to accelerate our ambitious growth path with the synergies now available through our new parent company. Most importantly, we look forward to continuing to work with our franchisees to create great customer experiences and long-term growth. “
A Garnett Station subsidiary invested in Twin Peaks in March 2019, and Garnett Station worked closely with the company’s executive team to identify growth opportunities for the already high performing business. The constant outperformance of branch sales in the branch combined with a detailed national and international expansion plan has made Twin Peaks an attractive investment opportunity for franchisees.
Since Garnett Station’s strategic investment, Twin Peaks has increased unit sales by approximately 15%, increased adjusted profit by approximately 50% and significantly increased both store and company sales. Today, Twin Peaks is well positioned in the sports-focused casual dining industry, with a strong financial track record and significant growth opportunities.
Duff & Phelps Securities, LLC acted as financial advisor to Garnett Station Partners and Kirkland & Ellis LLP acted as legal advisor to Garnett Station Partners. Greenberg Traurig LLP acted as legal advisor to FAT Brands Inc.
Via Garnett Station Partner
Garnett Station Partners is a leading investment firm founded in 2013 by Matt Perelman and Alex Sloane with over $ 750 million in assets under management. Garnett Station works with seasoned, entrepreneurial management teams and strategic investors to add value to its portfolio of growth platforms. The company draws on its global relationships, operational experience and rigorous due diligence process to source, underwrite and manage investments. The core industries include Food & Beverage, Health & Wellness, Automotive and Business Services. Garnett Station’s culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. More information is available at www.garnettstation.com.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: FINANCE RESTAURANT / BAR FOOD / BEVERAGE RETAIL PROFESSIONAL SERVICES
SOURCE: Garnett Station Partners, LLC
Copyright Business Wire 2021.
PUB: 09/01/2021 07:00 / DISC: 09/01/2021 07:01
http://www.businesswire.com/news/home/20210901005505/en
Copyright Business Wire 2021.
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