From CNBC: 2024-05-14 11:38:18

Fat Brands has confidentially filed for an IPO to take Twin Peaks and Smokey Bones public. The move comes after the company and chair Andy Wiederhorn were charged in an alleged $47 million bogus loan scheme. Both parties have denied the charges. Twin Peaks has nearly 115 locations in the U.S. and Mexico.

Fat Brands, Wiederhorn, and others were criminally indicted for wire fraud and tax evasion. In a separate civil complaint, the SEC accused them of related violations. Twin Peaks, known for its revealing staff uniforms, was acquired by Fat Brands in 2021. Smokey Bones, a newer addition, was acquired in 2023.

Wiederhorn, who owns 45% of Fat Brands’ common shares, stated that proceeds from a potential IPO would be used to deleverage the balance sheet. The company’s shares have fallen 9% this year, reducing its market value to around $90 million. Fat Brands aims to convert more Smokey Bones locations into Twin Peaks restaurants.



Read more at CNBC: Twin Peaks, Smokey Bones confidentially file for IPO