US-based multi-brand restaurant operator FAT Brands has acquired the Smokey Bones Bar & Fire Grill restaurant chain from a Sun Capital Partners affiliate.
The company funded the $30m deal through its existing securitisation facilities.
Smokey Bones president Hal Lawlor said: “We are excited to become a part of the FAT Brands family and benefit from their purchasing power and scale.
“Additionally, we see great opportunity in being a part of a leading global franchising company to further our growth with new franchised locations.”
FAT Brands founder and chairman Andy Wiederhorn said: “As we have spent the year focusing on digesting past acquisitions, we’ve also been amplifying the explosive growth in our polished dining vertical.
“Having a strong player in the barbecue space provides another arrow in our quiver for the polished dining segment and opens the door for additional growth strategies for our sister brands.
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“We look forward to generating impressive results, similar to our Johnny Rockets integration, which we also acquired from an affiliate of Sun Capital Partners.”
The acquisition of Smokey Bones will further expand FAT Brands’ polished dining portfolio, which currently includes the Twin Peaks restaurant brand.
In October 2021, FAT Brands concluded the acquisition of the US-based restaurant chain Twin Peaks in a deal valued at $300m.
The company acquired Twin Peaks from Garnett Station Partners.