FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announced the completion of its pending acquisition of Native Grill & Wings for $20 million from Wingtime, LLC, a subsidiary of Cybeck Capital Partners, LLC. The acquisition is expected to further increase FAT Brands’ growing market share in the chicken wing category.
With the acquisition of Native Grill & Wings, FAT Brands will have more than 2,300 franchised and corporate-owned stores around the world with a combined annual system-wide sales of approximately $2.2 billion. The Native Grill & Wings transaction follows three other acquisitions this year: Fazoli’s, Twin Peaks and Global Franchise Group.
“Chicken wings make up a key part of FAT Brands’ diverse portfolio. Prior to forming FAT Brands, Fatburger’s first acquisition was a wing brand, Buffalo’s Cafe, in 2011,” said FAT Brands CEO Andy Wiederhorn. “We have a strong pulse on the space having been in it for a decade now. Native Grill & Wings further complements our domestic presence, providing a larger footprint for us on the West Coast when it comes to our wing brands.”
For FAT Brands, Foley & Lardner LLP acted as legal counsel. For Wing Time, LLC, Taft Stettinius & Hollister LLP acted as legal counsel.
