DALLAS — Editor's note: This article was originally published in the Dallas Business Journal here.
Dallas-based restaurant chain Twin Peaks has plans to go public.
The move to debut on the public markets will support the brand’s continued growth, and the size and timing of the initial offering will be subject to market conditions. FAT Brands Inc. (Nasdaq: FAT) will remain the majority owner of the publicly traded Twin Peaks following the transaction.
“Twin Peaks was an exceptional acquisition for us in 2021,” FAT Brands Co-CEO and CFO Ken Kuick said in prepared statement. “Led by veteran CEO Joe Hummel and a seasoned management team, Twin Peaks continues to produce industry-leading average unit volumes, with annual same-store sales increasing by 11.3 percent in 2022. We believe that creating a separate publicly traded company will provide the best opportunity to further enhance the brand, capitalize on its expansion plans and build upon its position as a leader in the sports lodge dining category.”
The global franchising company acquired Twin Peaks for $300 million in October 2021. After the purchase, the casual dining chain increased its footprint and now operates in 26 states and two countries.
Twin Peaks, which was founded in Lewisville, recently opened its 100th location in Indiana and plans to open 18 to 20 new units this year. The brand expects to have about 115 locations by the end of the year, a nearly 40% increase since the acquisition.
The sports lodge-themed restaurant has a development pipeline for an additional 109 franchise units and plans to double its footprint to 200 lodges by 2027. The increased portfolio is expected to increase sales to about $1 billion.
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