FAT Brands
FAT Brands was an American multi-brand restaurant franchising company that assembled a portfolio of casual-dining, fast-casual, pizza, snack, dessert, and sports-bar chains.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
FAT Brands Inc. was an American restaurant franchising and brand-management company headquartered in Beverly Hills, California. It began in 2017 as a holding company built around Fatburger and subsequently pursued an aggressive acquisition strategy designed to create a broad, multi-concept restaurant platform. Its portfolio eventually included fast-food and fast-casual brands, pizza chains, dessert and snack concepts, casual-dining restaurants, sports bars, and steakhouses. The company's expansion accelerated after Ed Rensi, a former McDonald's executive, became chairman. In August 2020, FAT Brands acquired Johnny Rockets for $25 million, adding a globally recognizable diner-style restaurant concept. In July 2021, it acquired Global Franchise Group, bringing Round Table Pizza, Great American Cookies, Pretzelmaker, Marble Slab Creamery, and Hot Dog on a Stick into the group. Later that year it agreed to acquire Twin Peaks, a sports-bar and restaurant chain, for approximately $300 million; the transaction closed in October 2021. In 2022, FAT Brands acquired the franchised Nestlé Toll House Café business and announced plans to convert its locations to Great American Cookies. In September 2023, it purchased Smokey Bones from Sun Capital Partners for $30 million. FAT Brands' strategy relied heavily on franchising, acquisitions, brand cross-selling, and the use of debt to finance growth. Its restaurants served burgers, pizza, wings, steak, sandwiches, desserts, pretzels, cookies, ice cream, and Mediterranean food. The company therefore operated less like a single consumer-facing restaurant brand than a portfolio owner whose economic performance depended on franchise royalties, restaurant-level sales, acquisitions, refinancing, and the financial condition of its franchisees. The company later faced severe governance, legal, and financial problems. In 2024, federal prosecutors charged Andrew Wiederhorn, the company's former chief executive and controlling shareholder, with allegedly taking approximately $47 million in shareholder loans for personal benefit and concealing compensation and taxable income. Former chief financial officer Rebecca D. Hershinger was also accused of participating in the alleged scheme. The allegations followed investigations by the Securities and Exchange Commission and federal prosecutors that had begun in 2021. Wiederhorn had resigned as chief executive in 2023, although he remained chairman and controlling shareholder. FAT Brands reported approximately $1.6 billion in debt due immediately in November 2025 and filed for Chapter 11 bankruptcy protection on January 26, 2026. The restructuring led to restaurant closures, disputes with lenders and franchisees, leadership challenges, and the proposed sale of individual brands and other assets. Smokey Bones was ultimately closed, while proposed transactions covered Twin Peaks, Hot Dog on a Stick, Elevation Burger, and a broader group of remaining concepts. FBG Bid Co. acquired the remaining assets for $595 million on June 18, 2026, following court-supervised proceedings. FAT Brands as an independent corporate platform consequently ceased operating as the owner of the portfolio.
History
FAT Brands was established in 2017 as a holding company centered on Fatburger. Rather than developing one restaurant concept organically, it pursued a portfolio model in which acquisitions supplied established brands, franchise systems, and geographic reach. Ed Rensi became chairman during the company's early development. The acquisition program expanded in 2020 when FAT Brands bought Johnny Rockets for $25 million. In July 2021, the company purchased Global Franchise Group, adding Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Pretzelmaker, and Marble Slab Creamery. FAT Brands then moved into sports-bar dining through its acquisition of Twin Peaks, announced in September 2021 and completed the following month for approximately $300 million. In 2022, FAT Brands acquired the franchised Nestlé Toll House Café business and announced a plan to convert all 86 locations to Great American Cookies. The company continued its restaurant-sector consolidation strategy in 2023 by acquiring Smokey Bones from Sun Capital Partners for $30 million. Its portfolio also included Elevation Burger, Fazoli's, Hurricane Grill & Wings, Native Grill & Wings, Yalla Mediterranean, Buffalo's Cafe, MaggieMoo's Ice Cream and Treatery, and Ponderosa and Bonanza Steakhouses. The acquisition-led model produced a large and varied restaurant group but also left the company exposed to leverage, integration demands, franchisee disputes, and complex related-party governance. Federal criminal charges announced in 2024 accused Andrew Wiederhorn of taking approximately $47 million in shareholder loans for personal benefit and concealing compensation and taxable income. Former CFO Rebecca D. Hershinger was also accused of assisting the alleged conduct. Investigations by the SEC and federal prosecutors had reportedly begun in 2021. Wiederhorn resigned as CEO in 2023 but remained chairman and controlling shareholder. FAT Brands' financial position deteriorated further. In November 2025 it reported roughly $1.6 billion in debt due immediately. The company filed for Chapter 11 on January 26, 2026. The proceedings included restaurant closures, lender disputes, lawsuits, proposed employee retention bonuses, challenges to management authority, and the marketing of the company's brands and assets. Smokey Bones was closed, while transactions were proposed for Twin Peaks, Hot Dog on a Stick, Elevation Burger, and other concepts. FBG Bid Co. acquired the remaining assets for $595 million on June 18, 2026. Following the asset transfers, FAT Brands no longer operated as the independent portfolio owner created in 2017.
- 2026
Chapter 11 and asset sale
[1]The company files for bankruptcy protection and later sells its remaining assets to FBG Bid Co. for $595 million.
- 2023
Smokey Bones acquisition
[1]FAT Brands buys Smokey Bones from Sun Capital Partners for $30 million.
- 2022
Nestlé Toll House Café acquisition
[1]FAT Brands acquires the franchised café business and plans conversions to Great American Cookies.
- 2021
Global Franchise Group and Twin Peaks expansion
[1]The company buys Global Franchise Group and agrees to acquire Twin Peaks.
- 2020
Johnny Rockets acquisition
[1]FAT Brands acquires Johnny Rockets for $25 million.
- 2017
FAT Brands is established
[1]The company begins as a holding company for Fatburger.
Products and positioning
A multi-brand restaurant franchisor and acquisition platform spanning quick-service, fast-casual, casual-dining, dessert, pizza, and sports-bar concepts.
Burgers
Fatburger
The founding burger concept around which FAT Brands was organized. It provided the group with its original restaurant identity and a platform for international and domestic franchising.
Diner-style burgers and casual dining
Johnny Rockets
A retro-themed restaurant chain known for burgers, fries, shakes, and an American diner presentation. FAT Brands acquired the chain in 2020.
Pizza
Round Table Pizza
A pizza restaurant and franchise system acquired through Global Franchise Group in 2021.
Sports-bar restaurant
Twin Peaks
A sports-bar and casual-dining concept acquired by FAT Brands in 2021 as part of its move into larger-format restaurant operations.
Cookies and desserts
Great American Cookies
A mall-oriented cookie and dessert chain acquired through Global Franchise Group. FAT Brands also planned to convert Nestlé Toll House Café locations into this format.
Ice cream
Marble Slab Creamery
A made-to-order ice-cream concept brought into the portfolio through the 2021 Global Franchise Group acquisition.
Pretzels and snacks
Pretzelmaker
A snack and pretzel chain acquired with Global Franchise Group and operated within FAT Brands' food-court and quick-service portfolio.
Barbecue and casual dining · 2023
Smokey Bones
A barbecue-focused casual-dining and sports-bar chain acquired in 2023. Its remaining locations were permanently closed during the 2026 bankruptcy process.
Controversies
2024
Federal charges involving Andrew Wiederhorn and Rebecca D. Hershinger
Federal prosecutors accused former CEO and controlling shareholder Andrew Wiederhorn of taking approximately $47 million in shareholder loans for personal benefit and concealing compensation and taxable income. Former CFO Rebecca D. Hershinger was also accused of assisting the alleged scheme. The matter followed SEC and federal investigations into the company and Wiederhorn.
Brand decisions
2026
Chapter 11 restructuring and asset saleOtherBackground
FAT Brands reported approximately $1.6 billion in debt due immediately and entered bankruptcy protection.
Action taken
The company marketed its brands and assets through a court-supervised sale process.
Aftermath
FBG Bid Co. acquired the remaining assets for $595 million, ending FAT Brands' role as the independent portfolio owner.
Remaining asset sale price. $595 million (June 18, 2026)
2022
Convert Nestlé Toll House Café locationsStrategyBackground
FAT Brands acquired the franchised Nestlé Toll House Café business.
Action taken
The company announced plans to convert all 86 locations to Great American Cookies.
Aftermath
The plan concentrated the acquired café footprint under an existing portfolio brand.
2021
Build a multi-concept franchise platformM&ABackground
The company pursued rapid portfolio expansion through acquisitions.
Action taken
FAT Brands bought Global Franchise Group and acquired Twin Peaks.
Aftermath
The portfolio expanded into pizza, snacks, desserts, and sports-bar dining.
Twin Peaks acquisition price. $300 million (2021)
2020
Acquire Johnny RocketsM&ABackground
FAT Brands sought to broaden its restaurant portfolio beyond Fatburger.
Action taken
The company acquired Johnny Rockets for $25 million.
Aftermath
Johnny Rockets became one of the group's principal diner-style restaurant concepts.
Acquisition price. $25 million (2020)
Recent events
FAT Brands completes acquisition of Native Grill & Wings[2]
Reported:
FAT Brands announced completion of its $20 million acquisition of Native Grill & Wings from Wingtime, LLC, a subsidiary of Cybeck Capital Partners, LLC.
FAT Brands completes acquisition of Fazoli's[3]
Reported:
FAT Brands announced that it completed its acquisition of Fazoli's from funds under management by Sentinel Capital Partners for $130 million. The acquisition marked FAT Brands' entry into the Italian quick-service dining category.
FAT Brands prices $250 million notes offering[4]
Reported:
FAT Brands announced that it had priced a $250 million offering of fixed-rate asset-backed notes. Net proceeds will be used to partially finance its acquisition of Twin Peaks restaurant chain.
FAT Brands announces Congo development deal for Fatburger and Buffalo’s Express[5]
FAT Brands announced a multi-unit development deal with NAIA SARL Ltd. to bring Fatburger and Buffalo’s Express to the Democratic Republic of Congo for the first time, with five locations planned within the next few years.
Hurricane Grill & Wings opens in California[6]
Reported:
FAT Brands is opening a Hurricane Grill & Wings location in Chula Vista, California; it is the brand's first location in California and its first fast-casual restaurant concept nationwide.
FAT Brands completes acquisition of Johnny Rockets[7]
Reported:
FAT Brands completed its acquisition of Johnny Rockets, a retro diner chain, in a deal valued at $25 million.
FAT Brands announces planned acquisition of Johnny Rockets[8]
Reported:
FAT Brands announced that it had agreed to acquire the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for approximately $25 million. The purchase was expected to be completed in September 2020.
FAT Brands partners with Epic Kitchens in Chicago[9]
Reported:
FAT Brands expanded its ghost-kitchen operation through a partnership with Epic Kitchens in Chicago. Fatburger, Buffalo’s Express and Hurricane Grill & Wings menus would be prepared at an Epic Kitchens-operated facility for delivery in Chicago.
Sources10 sources
- 1FAT Brandsen.wikipedia.org
- 2FAT Brands 完成对 Native Grill & Wings 的收购finance.yahoo.com
- 3FAT Brands完成对Fazoli's的收购fastcasual.com
- 4FAT Brands为2.5亿美元票据发行定价finance.yahoo.com
- 5FAT Brands 宣布 Fatburger 与 Buffalo’s Express 在刚果（金）的开发协议franchising.com
- 6Hurricane Grill & Wings 在加利福尼亚开设门店fastcasual.com
- 7FAT Brands完成对Johnny Rockets的收购nrn.com
- 8FAT Brands宣布计划收购Johnny Rocketsrestaurantnewsrelease.com
- 9FAT Brands与Epic Kitchens在芝加哥合作nrn.com
- 10FAT Brands Inc. Completes Acquisition of Fazoli’s Restaurant Chainfinance.yahoo.com
Cite this profile: Cite the canonical profile. /brand-wiki/fat-brands · Editorial policy · How profiles are compiled