LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc. acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners Inc. for $30 million on Sept. 25. In the company’s first foray into barbecue, the acquisition will propel FAT Brands’ annual adjusted EBITDA by approximately $10 million.
Adding 61 Smokey Bones locations under its umbrella, FAT Brands said the acquisition expands its portfolio of polished dining chains, which currently only includes Twin Peaks.
“We continue to be selective and opportunistic in our acquisition strategy, targeting brands that are both scalable and synergistic with our existing platform,” said Rob Rosen, co-chief executive officer of FAT Brands. “We are pleased to add another polished dining brand, which will provide more options for our sales team to offer our franchise partners to further their new unit development.”
Operating across 16 states, Smokey Bones is a full-service barbecue restaurant chain. Open for lunch, dinner and late nights, Smokey Bones offers a variety of meats that are slow-smoked, fire-grilled and available for dine-in, pick-up, online ordering, catering and delivery. Each location features a full bar with bourbons and whiskeys, a selection of domestic, import and local craft beers, and several signature handcrafted cocktails.
After its recent acquisition, FAT Brands currently owns a total of 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Smokey Bones, Native Grill & Wings, Yalla Mediterranean, and Ponderosa and Bonanza Steakhouses. It franchises and owns around 2,300 units globally.