FAT Brands Inc. acquires Global Franchise Group for $442.5 million
Largest restaurant acquisition of 2021 to include Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery, and Pretzelmaker.
FAT (Fresh. Authentic. Tasty.) Brands Inc. has announced that it has agreed to acquire Global Franchise Group (GFG), which franchises and operates a portfolio of five quick service restaurant concepts—Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery and Pretzelmaker—from Serruya Private Equity, Inc. and Lion Capital LLP, for $442.5 million in cash and stock.
The cash portion of the purchase price will be funded from the issuance of a new series of notes and cash on hand. The Company will also issue to the sellers $25 million in common stock and $67.5 million in Series B cumulative preferred stock. The transaction is expected to close by the end of July 2021, subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.