28.06.2021 12:21:04

FAT Brands To Buy Global Franchise Group For $442.5 Mln

(RTTNews) - FAT Brands Inc. (FAT) agreed to acquire Global Franchise Group, which franchises and operates a portfolio of five quick service restaurant concepts, Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery and Pretzelmaker, from Serruya Private Equity Inc. and Lion Capital LLP for $442.5 million in cash and stock.

The transaction is expected to close by the end of July 2021.

The acquisition is expected to eventually increase annual EBITDA by about$40 million to about $55 million -$60 million.

FAT Brands noted that it will fund the cash portion of the purchase price from the issuance of a new series of notes and cash on hand. The company will also issue to the sellers $25 million in common stock and $67.5 million in Series B cumulative preferred stock.

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