US-based restaurant franchising company FAT Brands has acquired American fast casual restaurant chain Elevation Burger for a deal price of $10m.
The deal was funded through a combination of sellers’ notes and cash and is expected to boost Elevation Burger’s expansion efforts.
It follows after the company revealed last month of several acquisitions that were in the final stages of evaluation. FAT Brands also announced plans to announce an acquisition during the second quarter of this year.
Originally conceived by Hans Hess as a healthier burger offering in 2002, Elevation Burger currently offers 100% US Department of Agriculture -certified organic, grass-fed, free-range beef options for its consumers. The fast-casual chain franchises 44 locations across the US and overseas.
The acquisition takes the number of FAT Brands’ franchises to more than 400 restaurants across the globe.
FAT Brands president and CEO Andy Wiederhorn said: “Elevation Burger’s slogan ‘Ingredients Matter’ aligns well with FAT Brands’ commitment in providing guests with fresh, authentic, tasty food.
“We are thrilled to partner with the brand in this next chapter as they expand domestically and internationally and offer more consumers their organic, free-range, grass-fed offerings.”
Last December, FAT Brands purchased US-based chain Yalla Mediterranean for an undisclosed amount.
FAT Brands’ portfolio currently includes Fatburger, Buffalo’s Cafe, Buffalo’s Express, Hurricane Grill & Wings, and Ponderosa and Bonanza Steakhouses.
The company reported 35.9% increase in total revenues to $4.9m for the first quarter of 2019.