FAT Brands announced Monday that the company has named Jordan Chirico executive vice president and head of debt capital markets. Chirico will be tasked with overseeing the Fazoli’s and Twin Peaks parent company’s balance sheet, including a $1.2 billion whole business securitization portfolio and $42.8 million in long-term debt, according to FAT Brands’ latest earnings report.
“We are so pleased to welcome Jordan to FAT Brands with his strong background in capital markets,” Rob Rosen, co-CEO of FAT Brands, said in a statement “FAT Brands is uniquely positioned to continue its growth trajectory and Jordan’s expertise will be beneficial as we look to both bolster the balance sheet and be efficient in our financings to build upon our positioning as one of the largest restaurant companies in the U.S.”
Before joining FAT Brands, Chirico was a portfolio manager at 352 Capital, and also has experience in managing portfolios and finances at Brigade Capital Management, Baird, Credit Suisse, and Bank of America.
During the first quarter of 2024, FAT Brands reported a net loss of $38.3 million, attributable to increased costs and expenses associated with multiple brand acquisitions over the past several years, including Fazoli’s and Nestle Toll House Café in May 2022. At the time of the company’s last earnings call, company chair and former CEO Andy Weiderhorn said that funds raised from the upcoming Twin Peaks IPO will be used to re-balance the company’s debt to income ratio.
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