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Twin Hospitality Group shares slip in Friday trading
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.
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.
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