FAT Brands Completes Acquisition of Elevation Burger
June 20 2019 - 6:00AM
Business Wire
Rapidly Growing West Coast Franchisor Adds
Better-for-You Burger Joint to its Portfolio of Esteemed Brands
FAT (Fresh. Authentic. Tasty.) Brands Inc.
(NASDAQ: FAT) (“FAT Brands” or the “Company”) announced that it has
successfully completed the acquisition of Elevation Burger for $10
million which was funded through a combination of sellers’ notes
and cash. With the acquisition of Elevation Burger, FAT
Brands now franchises more than 400 restaurants around the
world with annual system-wide sales exceeding $400 million.
Elevation Burger was originally conceived in 2002 by Hans Hess
as a healthier burger offering. Delivering authentic, sustainably
prepared food, Elevation Burger offers grass-fed, free-range
options that are better for consumers and for the environment.
Elevation Burger franchises 44 locations across the U.S. and
internationally. Utilizing FAT Brands' vast expertise and
resources, the acquisition is set to propel Elevation's forthcoming
expansion, both globally and domestically.
“Elevation Burger's slogan 'Ingredients Matter' aligns well with
FAT Brands' commitment in providing guests with fresh,
authentic, tasty food,” said Andy Wiederhorn, President and CEO of
FAT Brands. “We are thrilled to partner with the brand in
this next chapter as they expand domestically and internationally
and offer more consumers their organic, free-range, grass-fed
offerings.”
For more information, please visit www.fatbrands.com.
Fresh. Authentic. Tasty. Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company
that strategically acquires, markets and develops fast casual and
casual dining restaurant concepts around the world. The Company
currently owns seven restaurant brands, Fatburger, Buffalo’s Cafe,
Buffalo’s Express, Hurricane Grill & Wings, Yalla Mediterranean
and Ponderosa and Bonanza Steakhouses, that have approximately 335
locations open and 200 under development in 32 countries.
About Elevation Burger
Elevation Burger was originally conceived in 2002 by founder
Hans Hess, who set out to create a healthier burger with a great
taste on par with those he was accustomed to having on the West
Coast. Hans determined that organic, grass-fed beef was the key to
a burger that truly stands apart from the rest in terms of taste,
quality and sustainability. The brand’s slogan, “Ingredients
Matter™,” is a reflection of Elevation Burger’s focus on offering
quality food products that make a difference both to guests and the
environment. Elevation Burger is committed to offering an
exceptionally flavorful, nutritionally superior product through
ingredients such as 100 percent USDA-certified organic, grass-fed,
free-range beef that is ground on premise and fresh-cut fries
cooked in heart-healthy olive oil. For more information, visit
Elevation Burger online at http://www.elevationburger.com, on
Facebook at http://www.facebook.com/ElevationBurger, on Twitter
@ElevationBurger or on Instagram @elevationburger.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to the future financial
performance and growth of FAT Brands and Hurricane, the Company’s
ability to successfully integrate Hurricane and exploit the
synergies of the acquisition, the Company’s ability to conduct
future accretive acquisitions and achieve new store growth, and
Hurricane’s ability to leverage FAT Brands’ expertise and
infrastructure. Forward-looking statements generally use words such
as "will," "expect," "foresee," "anticipate," "believe," "project,"
"should," "estimate," "plans," "forecast," and similar expressions,
and reflect the Company’s expectations concerning the future. It is
possible that the Company’s future results may differ materially
from its current expectations or those expressed or implied in
these forward-looking statements. We refer you to the documents
that we file from time to time with the Securities and Exchange
Commission, including our reports on Form 10-K, Form 10-Q and Form
8-K, for a discussion of the risks and uncertainties that could
cause our actual results to differ materially from our current
expectations or forward-looking statements contained in this press
release. We undertake no obligation to update any forward-looking
statement to reflect events or circumstances occurring after the
date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190620005079/en/
Media Relations: Konnect Agency Liz Duggan / Rebecca Campbell
eduggan@konnectagency.com rcampbell@konnectagency.com
213-225-4422
Investor Relations: ICR Alexis Tessier IR-FATBrands@icrinc.com
203-682-8286
PCG Advisory Group Vivian Cervantes vivian@pcgadvisory.com
646-863-6274
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