ARC Group to buy assets of Fat Patty’s for $12.3m

29th August 2018 (Last Updated August 29th, 2018 12:08)

Dick's Wings & Grill concept owner and operator ARC Group has signed an agreement to purchase all of Fat Patty’s assets in a deal valued at $12.3m.

ARC Group to buy assets of Fat Patty’s for $12.3m
Patty Balboa menu at Fat Patty’s. Credit: Martin Lewison, Flickr.

Dick’s Wings & Grill concept owner and operator ARC Group has signed an agreement to purchase all of Fat Patty’s assets in a deal valued at $12.3m.

Based in the US, Fat Patty’s currently operates four locations in West Virginia and Kentucky offering specialty burgers and sandwiches, wings, appetisers, salads and wraps, along with steak and chicken dinners.

The restaurant chain also features a full service bar in each location.

ARC Group president and chief financial officer Seenu G. Kasturi said: “We are very excited to acquire Fat Patty’s, a very successful franchise, which we believe will be a terrific addition to our portfolio of leading restaurant brands.

“We project ARC Group’s combined annualised revenue run rate will approach nearly $30m.”

“Importantly, we believe that we can significantly expand the Fat Patty’s franchise over time, while improving the profitability of its existing restaurants.

“As a result of this acquisition, we anticipate ARC Group’s combined annualised revenue run rate will be in excess of $15m, and with our planned Tilted Kilt acquisition, we project ARC Group’s combined annualised revenue run rate will approach nearly $30m.”

The transaction is scheduled to close on 31 August this year.

ARC Group recently announced its plans to acquire the Tilted Kilt Pub and Eatery franchise in a move to expand its restaurant portfolio.

Tilted Kilt Pub and Eatery currently operates 47 locations across the US and Canada offering more than 30 draught and bottled beers.

Headquartered in Florida, ARC Group currently operates 15 restaurants in Florida and five restaurants in Georgia under Dick’s Wings & Grill brand.