FAT Brands completes $10.5 million acquisition of Ponderosa, Bonanza steakhouses
FAT Brands Inc, parent company of Fatburger, Buffalo's Cafe and Buffalo's Express, has completed the acquisition of Homestyle Dining LLC, the parent company to the Ponderosa Steakhouse and Bonanza Steakhouse brands. With the 10.5 million acquisition, FAT Brands' franchisees now operate more than 300 restaurants around the globe with system-wide sales exceeding $300 million, according to a company press release.
Established in 1965, and 1963, respectively, Ponderosa and Bonanza operate more than 120 locations across the U.S., Canada, Puerto Rico, the United Arab Emirates, Qatar and Taiwan. The company plans to develop a smaller-scale Ponderosa and Bonanza concept to drive new store growth, specifically internationally, where demand for traditional American fare continues to grow, Andy Wiederhorn, president and CEO of FAT Brands, said in a company press release.
"Ponderosa and Bonanza both possess strong brand identities that appeal to a broad consumer-base, and align with FAT Brands' commitment to providing guests with high-quality, made-to-order meals," said Wiederhorn, who is keynoting the 2018 Restaurant Franchising and Innovation Summit, July 16-18 inLondon. "The completion of this acquisition will allow our management team to seamlessly extend Ponderosa and Bonanza into new segments and expand their footprints in existing markets through the company's extensive franchisee network.”