Financing

Tilted Kilt parent buys WingHouse

Arc Group will now have a second wings concept operating alongside Dick's Wings & Grill.
Photograph courtesy of Tilted Kilt

The parent of Tilted Kilt and Dick’s Wings & Grill has acquired 24-unit WingHouse Bar & Grill for $18 million from Soaring Wings LLC, a holding of Third Lake Capital.

The buyer, Arc Group, indicated in announcing the deal that it plans to operate WingHouse and Dick’s as separate brands.

Arc, which is also the parent of four-unit Fat Patty’s,  said it will pay $12 million in cash and $6 million in stock installments over three years. It noted that the deal will make Third Lake Capital, a firm that manages the money of wealthy families, a major shareholder of the company.

“We look forward to working with ARC Group to build upon the growth and success of WingHouse and, through our equity investment in ARC Group, share in the upside potential of this rapidly growing company,” said Third Lake CEO Ken Jones. 

Arc is led by Richard Akam, a onetime CEO of Hooters of America and an alumnus of chains such as Twin Peaks and First Watch.

The WingHouse acquisition nearly doubles the size of Arc’s wings holdings. Dick’s operates four restaurants and three concession stands and has franchised 19 additional units.

Fat Patty’s, a burger concept, has four branches.

Arc acquired Tilted Kilt last year through a two-step process that began with the breastaurant chain’s acquisition by Fred Alexander, one of Arc’s director. The plan called for Alexander to then sell Tilted Kilt to Arc once financing was arranged.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

Beverage chains are taking off as consumers shift their drink preferences

The Bottom Line: Some of the fastest-growing chains in the U.S. push drinks, even as sales at traditional concepts lag in growing delivery and takeout business. How can traditional restaurants get in on the action?

Financing

Brands need to think creatively as the industry heads into a value war

The Bottom Line: Giving customers meal options they can afford will be key to generating traffic this year. But make sure those offers can generate a profit.

Financing

The Red Lobster bankruptcy is a seminal moment for the restaurant business

The Bottom Line: The seafood chain’s bankruptcy declaration was not surprising after months of closures and Endless Shrimp recriminations. But that doesn’t make it any less notable.

Trending

More from our partners