FAT Brands To Buy Native Grill & Wings For $20 Mln

(RTTNews) - FAT Brands Inc. (FAT), a franchising company, said on Monday that it has signed a deal to buy Native Grill & Wings, a restaurant chain, for $20 million from Wingtime, LLC, a subsidiary of Cybeck Capital Partners, LLC.

With the acquisition of Native Grill & Wings, FAT Brands is expected to have over 2,300 franchised and corporate-owned stores around the world with combined annual system-wide sales of approximately $2.3 billion.

The acquisition of Native Grill & Wings will be funded with cash from the issuance of new notes from the company's securitization facilities and is expected to conclude in December this year.

The addition of the chicken wing concept, including the new stores due to open and under transaction, is expected to increase FAT Brands' post-Covid normalized EBITDA by approximately $3 million in 2022.