Dallas-based restaurant chain Twin Peaks is looking to go public.
Twin Hospitality Group Inc. — an operating unit of California-based Fat Brands Inc. — has made a filing with the U.S. Securities and Exchange Commission to let it be publicly traded with the aim of being on the Nasdaq, according to a statement on Monday.
Founded in 2005 in Lewisville, Twin Peaks has over 110 restaurants in the U.S. and Mexico via franchises and ownership. The dining and sports-bar chain, served by an all-female waitstaff, provides big screens for viewing games with menu items that include burgers and chicken wings, according to a filing.
The announcement comes after Fat Brands acquired Twin Peak in 2021 for a deal that was valued at $300 million. The move includes the planned distribution to Fat Brands’ shareholders of approximately 5% of the stock of Twin Hospitality Group. The remaining 95% will be held by Fat Brands, which has other names such as Round Table Pizza and Great American Cookies.
The operating unit also includes Smokey Bones, a barbecue chain FAT Brands acquired in 2023.
“The filing … 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,” said Ken Kuick, Co-CEO of FAT Brands. “We look forward to completing the separation later this year, realizing significant benefits for both companies.”
Twin Hospitality business saw same-store sales drop 3.9% through Sept. 29 of this year, according to the filing. It had revenue of about $360 million last year on a pro-forma basis, and through Sept. 29, it had about $267 million in pro-forma revenue.
Completion of the potential transaction is subject to conditions that include effectiveness of the Form 10 Registration Statement filing.
