Twin Peaks to go private, continue expansion plans
Twin Peaks Restaurant is being taken private.
The “sports lodge” concept has shared that a group of franchise operators, including 3BMgmnt Inc., JEB Food Group, and Operadora 2 Montes, organized as Summit Acquisitions LLC, has assumed a strategic advisory role on behalf of the brand’s bondholders. Twin Peaks will no longer be associated with FAT Brands and will return to its previous status as a privately held company, operating as Summit Twin Hospitality I, LLC.
FAT Brands, the parent company of Fatburger, Johnny Rockets, Round Table Pizza and other restaurant concepts, acquired Twin Peaks for $300 million from Garnett Station Partners in October 2021. The chain is known for its made-from-scratch food, 29° beer, wall-to-wall TVs and scantily clad Twin Peaks Girls staff.
Twin Peaks’ existing corporate leadership team, including president and chief operating officer Roger Gondek and chief marketing officer Melissa Fry, chief people officer Lexi Burns, and chief financial officer Scott Gray, remains fully in place. No staffing reductions are planned, and the organization expects to add team members as it continues its growth momentum via new lodge openings and franchise expansion.
“This transition gives our team the foundation we’ve needed to execute on the vision we’ve always had for this brand,” said Gondek. “We have a strong system, exceptional operators, and enviable guest loyalty, and now we have the financial footing to match. The best days for Twin Peaks are ahead.”
Founded in 2005, Twin Peaks operates more than 115 locations across the United States and Mexico, and has a growing development pipeline. The brand recently opened a new lodge in Omaha, Neb., signed an area development agreement with New London Hospitality to expand into Connecticut, and executed an agreement to bring Twin Peaks to several South Texas cities, including Brownsville, South Padre Island and Laredo. Its newest lodge is set to debut in Kissimmee, Fla., on June 29.
[READ MORE: Twin Peaks to open first Connecticut locations]
Summit Acquisitions noted that additional details regarding the transition timeline and ownership structure would be shared as they become available. Twin Peaks lodges are open and operating as normal across all locations.
Kratos Capital and Kratos Capital Markets acted as exclusive financial advisor to Summit Acquisitions, LLC in connection with the transition.
