US-based restaurant franchising company FAT Brands has completed the acquisition of fast casual chain Hurricane Grill & Wings for $12.5m.
With this acquisition, Hurricane joins the FAT Brands’ restaurant portfolio including Buffalo’s Café, Buffalo’s Express, Fatburger, Ponderosa and Bonanza Steakhouses.
The deal will also expand the company’s portfolio of restaurants to more than 325 restaurants around the world. It currently generates annual system-wide sales exceeding $350m.
FAT Brands president and CEO Andy Wiederhorn said: “Hurricane Grill & Wings’ mission strongly aligns with FAT Brands’ commitment to providing guests with all-American food experiences and high-quality, made-to-order meals, paired with an easygoing ambiance.
“The completion of this acquisition will allow our management team to expand Hurricane’s footprint in both existing markets and new international markets through the company’s extensive network of franchise partners.
“We are excited to complete our first acquisition since our IPO, and we remain committed to asset-light growth through a combination of accretive acquisitions of franchise brands and organic new store growth of existing brands. We are ready to embark on this next phase of growth, which we believe will create value for all of our shareholders.”
The transaction offers significant synergies and opportunities to expand the FAT Brands portfolio.
Established in 1995, Hurricane Grill & Wings currently operates more than 50 locations across the US offering customers 35 signature sauces, rubs, and glazes, along with a menu featuring fries, tacos and burgers.