Twin Peaks and Smokey Bones secretly file for IPO | Wilnesh News

fat brand say tuesday The company has confidentially filed to take its Twin Peaks and Smokey Bones restaurant chains public in an initial public offering, less than a week after federal authorities charged the restaurant company and its chairman, Andy Wiederhorn. ) allegedly implemented a $47 million fake loan scheme.

Fat Brands announced last year that it planned to spin off Twin Peaks through an IPO. At the time, the company had already disclosed the SEC’s investigation into Wiederhorn.

On Thursday, Fat Brands, Wiederhorn and others criminally prosecuted A federal grand jury in Los Angeles returned indictments on wire fraud, tax evasion and other counts related to the alleged scheme.in separate File a civil lawsuit On Friday, the U.S. Securities and Exchange Commission charged the company and Wiederhorn with violations related to the same conduct.

Fat Brands and Wiederhorn have denied the allegations through lawyers.

Since its founding in 2005, Twin Peaks has grown to nearly 115 restaurants in the United States and Mexico. Fat Brands acquired the company in 2021.

Smokey Bones is a new addition to Fat Brands’ portfolio, which currently includes 18 stores.olive grove owners Darden Restaurant Founded the barbecue chain in 1999 but later sold the brand. Fat Brands acquired the restaurant in September 2023 with the goal of converting more than half of its 61 corporate-owned restaurants into Twin Peaks restaurants.

“Our first priority is to use the proceeds from any transaction to deleverage the balance sheet,” Wiederhorn said of a potential IPO on the company’s first-quarter conference call on May 1.

Wiederhorn owns 45% of Fat Brands’ common stock through Fog Cutter Holdings, according to FactSet.

The company’s shares have fallen 9% this year, bringing its market value to about $90 million.