FAT Brands Files Form 10 Registration Statement for Planned Listing of Twin Hospitality Group
FAT Brands has announced that Twin Hospitality Group, which operates Twin Peaks and Smokey Bones restaurants, has filed a Form 10 Registration Statement with the SEC. The filing outlines plans to distribute approximately 5% of Twin Hospitality Group's Class A Common Stock to FAT Brands shareholders, with FAT Brands retaining 95% ownership. The company aims to list Twin Hospitality Group on Nasdaq as an independent publicly traded company by year-end. The transaction remains subject to various conditions, including SEC effectiveness, Nasdaq listing approval, and completion of refinancing.
FAT Brands ha annunciato che il Twin Hospitality Group, che gestisce i ristoranti Twin Peaks e Smokey Bones, ha presentato un modulo di registrazione di tipo 10 presso la SEC. La registrazione delinea i piani per distribuire circa il 5% delle azioni ordinarie di Classe A del Twin Hospitality Group agli azionisti di FAT Brands, con FAT Brands che manterrà il 95% della proprietà. L'azienda mira a quotare Twin Hospitality Group su Nasdaq come una società pubblica indipendente entro la fine dell'anno. La transazione rimane soggetta a varie condizioni, tra cui l'efficacia della SEC, l'approvazione della quotazione su Nasdaq e il completamento del rifinanziamento.
FAT Brands ha anunciado que el Twin Hospitality Group, que opera los restaurantes Twin Peaks y Smokey Bones, ha presentado una Declaración de Registro de Formulario 10 ante la SEC. La presentación describe planes para distribuir aproximadamente el 5% de las acciones ordinarias Clase A del Twin Hospitality Group a los accionistas de FAT Brands, con FAT Brands manteniendo el 95% de la propiedad. La empresa tiene como objetivo listar a Twin Hospitality Group en Nasdaq como una compañía pública independiente para fin de año. La transacción sigue sujeta a diversas condiciones, incluyendo la efectividad de la SEC, la aprobación de la cotización en Nasdaq y la finalización del refinanciamiento.
FAT Brands는 Twin Peaks 및 Smokey Bones 레스토랑을 운영하는 Twin Hospitality Group이 SEC에 양식 10 등록 성명을 제출했다고 발표했습니다. 이 제출서는 FAT Brands 주주에게 Twin Hospitality Group의 Class A 보통주의 약 5%를 배포할 계획을 설명하며, FAT Brands는 95%의 소유권을 유지합니다. 회사는 올해 말까지 Twin Hospitality Group를 독립적으로 상장된 기업으로 Nasdaq에 상장할 계획입니다. 이 거래는 SEC의 효력 발생, Nasdaq 상장 승인, 재융자 완료 등 여러 조건에 따라 달라집니다.
FAT Brands a annoncé que le Twin Hospitality Group, qui gère les restaurants Twin Peaks et Smokey Bones, a déposé une Déclaration d'Inscription de Formulaire 10 auprès de la SEC. Le dépôt décrit les plans de distribution d'environ 5% des actions ordinaires de Classe A du Twin Hospitality Group aux actionnaires de FAT Brands, FAT Brands conservant 95% de la propriété. L'entreprise vise à inscrire le Twin Hospitality Group sur le Nasdaq en tant qu'entreprise indépendante cotée en bourse d'ici la fin de l'année. La transaction est soumise à diverses conditions, y compris l'efficacité de la SEC, l'approbation de l'inscription à Nasdaq et l'achèvement du refinancement.
FAT Brands hat angekündigt, dass die Twin Hospitality Group, die die Restaurants Twin Peaks und Smokey Bones betreibt, einen Registrierungsantrag (Formblatt 10) bei der SEC eingereicht hat. In der Einreichung werden Pläne skizziert, etwa 5% der Aktien der Klasse A der Twin Hospitality Group an die Aktionäre von FAT Brands zu verteilen, während FAT Brands 95% der Eigentumsanteile behält. Das Unternehmen strebt an, die Twin Hospitality Group bis Ende des Jahres als unabhängiges börsennotiertes Unternehmen an der Nasdaq zu listen. Die Transaktion unterliegt verschiedenen Bedingungen, darunter die Wirksamkeit der SEC, die Genehmigung der Nasdaq-Listung und den Abschluss der Refinanzierung.
- Creation of a separate publicly traded entity could unlock additional value for shareholders
- FAT Brands maintains 95% ownership control of Twin Hospitality Group
- Twin Peaks has significant presence with 115 restaurants across US and Mexico
- Only 5% of shares will be distributed to current shareholders, limiting their direct ownership in Twin Hospitality Group
- Transaction completion is contingent on multiple conditions including refinancing
Insights
This strategic spin-off represents a significant corporate restructuring, with FAT Brands maintaining
The transaction's structure suggests FAT Brands is seeking to capitalize on Twin Peaks' growth potential while maintaining significant ownership benefits. This move could provide improved access to capital markets and greater financial flexibility for both entities. However, investors should note that the completion remains contingent on several factors, including refinancing arrangements and regulatory approvals.
The spin-off of Twin Hospitality Group represents a strategic positioning in the competitive restaurant industry landscape. Twin Peaks, with 115 locations across the US and Mexico, has demonstrated strong brand presence in the sports bar segment. The separation could allow for more focused market expansion and brand development strategies, particularly important in the evolving casual dining sector.
This corporate restructuring aligns with industry trends where companies are streamlining operations to enhance shareholder value. The timing suggests management's confidence in Twin Peaks' standalone potential, though success will depend on market conditions and execution of the separation plan.
Operating Unit Led by Twin Peaks Restaurants Takes Next Step in Becoming Standalone Public Company
LOS ANGELES, Nov. 04, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc., (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands, is pleased to announce that Twin Hospitality Group Inc., the operating unit for its Twin Peaks and Smokey Bones restaurant brands, has filed a Form 10 Registration Statement with the Securities and Exchange Commission (SEC). The Form 10 contains a preliminary information statement about the planned distribution to FAT Brands’ common shareholders of approximately
The preliminary information statement also includes information about Twin Hospitality Group as a standalone company, including financial, capital structure, business, risk factor, and management and governance information. The filing of the Form 10 Registration Statement will be updated with additional information in subsequent amendments as further information is finalized prior to the distribution, which is expected to be completed by year-end. The Form 10 Registration Statement is available on the SEC's website at http://www.sec.gov.
"The filing of the Form 10 Registration Statement is an important milestone in unlocking value and growth opportunities for Twin Hospitality Group and the Twin Peaks brand, while continuing to generate long-term value for FAT Brands shareholders," said Ken Kuick, Co-Chief Executive Officer of FAT Brands. “We look forward to completing the separation later this year, realizing significant benefits for both companies."
Completion of the potential transaction remains subject to various conditions, including effectiveness of the Form 10 Registration Statement, final approval of the Nasdaq listing, and completion of the refinancing transaction described in the preliminary information statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks franchises and owns 115 restaurants in the United States and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. For more information, visit twinpeaksrestaurant.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results, including consummation and benefits of the potential transaction discussed in this press release, to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the Form 10 Registration Statement filed by Twin Hospitality Group Inc., and the documents filed by FAT Brands Inc. from time to time with the SEC, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these risks, uncertainties and contingencies. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Investor Relations:
ICR
Michelle Michalski
IR-FATBrands@icrinc.com
646-277-1224
Media Relations:
FAT Brands Inc.
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
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FAQ
What percentage of Twin Hospitality Group will FAT Brands (FAT) distribute to shareholders?
When does FAT Brands (FAT) expect to complete the Twin Hospitality Group spinoff?
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