Dining and sports bar chain Twin Peaks could soon be a publicly traded stock.
Twin Hospitality Group Inc., part of FAT Brands Inc. from California, has filed with the U.S. Securities and Exchange Commission to enable it to become a standalone publicly traded equity on the Nasdaq stock exchange. Parent company FAT Brands already trades on the Nasdaq under the ticker FAT.
“Twin Peaks is so much more than your typical sports bar. Our lodge welcomes every guest with World Series walk-offs and barrel-aged whiskey. The second you step inside, you’re surrounded by a lodge full of friendly and attentive Twin Peaks Girls serving up scratch food and our signature 29° beers,” reads a description of the chain on its website.
Twin Peaks has over 110 locations across the United States and Mexico. The nearly two-decade-old restaurant chain from Lewisville is known for its all-female waitstaff and “comfortable cabin” aesthetic.
The establishment was acquired by Fat Brands in 2021 in a $300 million deal. FAT Brands also owns other chains, including Round Table Pizza, Johnny Rockets, Great American Cookies, Fazoli’s, and Fatburger.
According to the filing with the SEC, same-store sales at Twin Hospitality fell 3.9% year-to-date through September 29, with roughly $267 million in pro-forma revenue during that period. In 2023, the company generated $360 million on a pro forma basis.
Should the Twin Peaks filing be approved, it would include 5% of Twin Hospitality Group’s stock being distributed to FAT Brands’ shareholders. FAT Brands would hold the remaining 95% of equity.
“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,” Ken Kuick, Co-Chief Executive Officer of FAT Brands, said in a November 4 press release.
“We look forward to completing the separation later this year, realizing significant benefits for both companies.”
According to their most recent earnings report, FAT Brands opened 22 new stores in the third quarter ending October 30, 2024. As of November 5, FAT Brands share price was down nearly 14% year-to-date.