Twin Peaks

Financing

Twin Peaks operator accuses business partners of fraud

The former COO of franchisee DMD Ventures accused the company’s co-founders of using corporate funds to pay for lavish lifestyles. They vehemently denied the allegations and leveled some of their own.

Financing

Twin Peaks goes public in spinoff from Fat Brands

Shares in the sports-bar chain opened at $17.45 on the Nasdaq on Thursday. Proceeds will be used to pay down debt and fuel expansion.

The casual-dining chain will separate from parent Fat Brands and become a stand-alone public company later this month.

The owner of Fatburger and Johnny Rockets filed a registration statement with the SEC to spin off 5% of shares in Twin Peaks to existing shareholders. The casual-dining chain will become an independent, publicly traded company.

Restaurant Rewind: Here's why several prominent chain CEOs got a firsthand exposure to prison foodservice.

The multi-concept restaurant operator said it would also like its Smokey Bones barbecue concept to become a public company.

Fat Brands, which owns both chains, said the conversions will fuel the 103-unit Twin Peaks as it heads toward a planned 2024 IPO.

The company said it will look to acquire similar concepts and convert them to Twin Peaks as it aims to reach 200 locations in the next several years.

The brand collector plans to offer shares of the casual-dining chain to the public but will remain its majority owner.

The Bottom Line: The owner of Twin Peaks, Johnny Rockets and Fazoli’s has shifted its attention to more targeted acquisitions and could spin off or sell some assets.

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