LOS ANGELES — FAT (Fresh. Authentic. Tasty) Brands, Inc. continues to diversify its restaurant portfolio with the announcement it has agreed to acquire Fazoli’s for $130 million from Sentinel Capital Partners. Headquartered in Lexington, Ky., Fazoli’s operates more than 200 restaurants serving freshly prepared pasta, Submarinos sandwiches, salads, pizza, breadsticks and desserts.
Founded in 1988, Fazoli’s is the largest premium quick-service Italian chain in the United States and currently has plans to develop 100 units over the next several years.
“Fazoli’s has a great growth story, in particular, over the last year,” said Andrew A. Wiederhorn, chief executive officer of FAT Brands. “They continue to surpass sales expectations across the board. We have been eyeing this category for some time; however, we were waiting for the right brand — one that is high-growth, with almost all restaurants having drive-thru access, in addition to, the synergies that we will achieve adding Fazoli’s to our portfolio of brands. We look forward to building off of the success of Sentinel Capital Partners.”
Carl Howard, CEO of Fazoli’s, added, “We have had an outstanding year, and we couldn’t be more pleased to join forces with FAT Brands, a company that has the same growth-oriented mentality as us at Fazoli’s. From co-branding to virtual kitchens to menu development opportunities, we see great value in being a part of FAT Brands.”
The acquisition of Fazoli’s will increase FAT Brands’ footprint to 2,300 franchised and corporate-owned stores around the world, bringing 2022 expected systemwide sales to more than $2.1 billion. FAT Brands currently owns 15 restaurant brands, including Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery and Pretzelmaker, which were acquired earlier this year.