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Fat Brands spins off Twin Peaks in IPOFat Brands spins off Twin Peaks in IPO

Twin Hospitality Group shares slip in Friday trading

Ron Ruggless, Senior Editor

January 31, 2025

2 Min Read
Twin Peaks Fat Brands IPO
Fat Brands spins off Twin Peaks in an IPO.Twin Hospitality Group Inc.

Twin Hospitality Group Inc. debuted its initial public offering on Thursday and traded lower on Friday than its initial price

The company, which operates 115 Twin Peaks Restaurants, was spun off by Beverly Hills, Calif.-based Fat Brands Inc., which retained about 95% of shares in the company

It was the first public offering of 2025 for the restaurant industry, with potential public offerings being considered by such brands as JAB Holding’s fast-casual Panera Bread, fine-dining Fogo de Chao, and Inspire Brands, parent company of Arby’s, Baskin Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and Sonic Drive Ins.

Twin Hospitality shares opened at $17.45 Thursday and traded at about $15.62 a share at 3 p.m. EST Friday, down 8.6%, or about $1.48, from its close on Thursday.

Fat Brands, which was trading the new group under the symbol TWNP on the Nasdaq exchange, also secured an anti-dilution option, which permits the company to maintain at least an 80.1% ownership stake in Twin Hospitality, should it issue new shares.

The sports-bar Twin Peaks, a Hooters rival known for its revealing wait staff uniforms, mountain theme, and beer served at 29 degrees, has an estimated equity value of $1.04 billion to $1.28 billion, according to an investor presentation published by owner Fat Brands.

Related:TGI Fridays closures, Twin Peaks IPO, Chuck E. Cheese

Fat Brands and its chair Andy Wiederhorn were criminally indicted last year for an alleged bogus loan scheme; both have denied the charges.

Wiederhorn said during FAT Brands’ presentation earlier in January at the ICR Conference in Orlando, Fla.: “This is a business that we bought three years ago for $300 million, we put approximately $100 million dollars into it, including the acquisition of Smokey Bones, and then we grew the business by almost 50%.”

FAT Brands has said it plans to re-franchise Fazoli's and convert 30 Smokey Bones locations to Twin Peaks.

Contact Ron Ruggless at [email protected]

Follow him on X/Twitter: @RonRuggless

About the Author

Ron Ruggless

Senior Editor, Nation’s Restaurant News / Restaurant Hospitality

Ron Ruggless serves as a senior editor for Informa Connect’s Nation’s Restaurant News (NRN.com) and Restaurant Hospitality (Restaurant-Hospitality.com) online and print platforms. He joined NRN in 1992 after working 10 years in various roles at the Dallas Times Herald newspaper, including restaurant critic, assistant business editor, food editor and lifestyle editor. He also edited several printings of the Zagat Dining Guide for Dallas-Fort Worth, and his articles and photographs have appeared in Food & Wine, Food Network and Self magazines. 

Ron Ruggless’ areas of expertise include foodservice mergers, acquisitions, operations, supply chain, research and development and marketing. 

Ron Ruggless is a frequent moderator and panelist at industry events ranging from the Multi-Unit Foodservice Operators (MUFSO) conference to RestaurantSpaces, the Council of Hospitality and Restaurant Trainers, the National Restaurant Association’s Marketing Executives Group, local restaurant associations and the Horeca Professional Expo in Madrid, Spain.

Ron Ruggless’ experience:

Regional and Senior Editor, Informa Connect’s Nation’s Restaurant News and Restaurant Hospitality (1992 to present)

Features Editor – Dallas Times Herald (1989-1991)

Restaurant Critic and Food Editor – Dallas Times Herald (1987-1988)

Editing Roles – Dallas Times Herald (1982-1987)

Editing Roles – Charlotte (N.C.) Observer (1980-1982)

Editing Roles – Omaha (Neb.) World-Herald (1978-1980)

Email: [email protected]

Social media:

Twitter@RonRuggless

LinkedIn: www.linkedin.com/in/ronruggless

Instagram: @RonRuggless

TikTok: @RonRuggless

 

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