Fat Brands

What Fat Brands does

FAT Brands Inc. was a global multi-brand restaurant franchising company that strategically acquired, marketed, and developed fast-casual, quick-service, and casual dining concepts. Founded in 2017 through a SPAC merger with Rollins Holding and headquartered at 9720 Wilshire Blvd. in Beverly Hills, the company built a portfolio of 18 restaurant brands spanning pizza (Round Table Pizza), burgers (Fatburger, Johnny Rockets), ice cream (Marble Slab Creamery), wings (Hurricane Grill & Wings, Buffalo's Cafe, Native Grill & Wings), cookies (Great American Cookies), pretzels (Pretzelmaker), steakhouses (Ponderosa & Bonanza), and Italian fast-casual (Fazoli's), among others. The portfolio peaked at over 2,200 franchised locations generating approximately $1.8 billion in system sales, with operations spanning the United States, Canada, Mexico, Japan, France, the Middle East, and other international markets.

The company's underlying operating infrastructure combined centralized franchise support functions (real estate, design and build, supply chain, training, marketing) with a 40,000 sq. ft. Atlanta manufacturing facility at 4685 Frederic Drive SW that produced 26 flavors of cookie batters and brownies plus pretzel dough at 11 MM lbs cookie / 5 MM lbs pretzel annual capacity, with FSMA, HACCP, PCQI, and Kosher OU certifications. The go-to-market motion was exclusively channel-partner based: FAT Brands recruited franchise developers and individual multi-unit operators, supported them through opening and ongoing operations, and generated revenue through franchise royalties (4% on net sales at Round Table Pizza, 6% at Fatburger/Johnny Rockets/Hurricane Grill & Wings), one-time franchise and development fees, manufacturing sales, and a small number of corporate-owned units (notably 36 Ponderosa & Bonanza locations).

The company funded aggressive expansion through a series of acquisitions (Global Franchise Group for $442.5M in 2021, Twin Peaks for $300M in 2021, Fazoli's for $130M in 2021, Smokey Bones for $30M in 2023) financed primarily through whole-business securitizations that ultimately accumulated to $1.4 billion in debt. By late 2025, the capital structure proved unsustainable, with $1.4 billion in bonds backed by only roughly $40 million in annual EBITDA. FAT Brands filed for Chapter 11 bankruptcy protection in January 2026 with $2.1 million in cash, Twin Peaks was separated and taken private under Summit Acquisitions, and the parent entity's remaining assets were sold to FBG Bid Co. for approximately $595 million through a court-supervised process in June 2026. CEO and founder Andrew Wiederhorn stepped down during the proceedings amid SEC allegations of misappropriating nearly $27 million in disguised personal loans, which the company settled.

Name

Fat Brands

Legal name

FAT Brands Inc.

Website

https://fatbrands.com

Company type

Public

Founded year

2017

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

FAT Brands was a multi-brand restaurant franchising company operating 18 brands across 2,200+ locations worldwide, generating revenue through 4-6% franchise royalties and fees before filing for Chapter 11 bankruptcy in January 2026 with $1.4 billion in debt.

Ownership category

akta.pro rank

Headquarters

HQ city

Beverly Hills

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Others, Infrastructure

Revenue model

1. Franchise Royalties: FAT Brands generates primary revenue through franchise royalties, typically calculated as a percentage of net sales. Brands like Round Table Pizza charge 4% royalty while others like Fatburger, Johnny Rockets, and Hurricane Grill & Wings charge 6% royalty on net sales.
2. Franchise Fees: The company collects franchise fees from new franchise development, including development agreements for opening new locations across their restaurant brand portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

FAT Brands is a global multi-brand restaurant franchising company that strategically acquires, develops, and licenses 18 restaurant concepts across fast-casual, quick-service, and casual dining segments. The company generates revenue through franchise royalties (typically 4-6% of net sales), one-time franchise fees, and supply chain sales, supported by centralized operations including an Atlanta-based manufacturing plant for cookie and pretzel dough. It sells franchise rights and ongoing operational support to multi-unit franchise developers rather than operating restaurants directly.

Product overview

FAT Brands is a global restaurant franchising company that operates a diversified portfolio of 18 restaurant concepts across fast-casual, quick-service, casual dining, and polished casual dining segments. The company owns brands including Round Table Pizza (pizza), Fatburger (burgers), Marble Slab Creamery (ice cream), Johnny Rockets (retro diners), Hurricane Grill & Wings (wings), Great American Cookies (cookies/cakes), Ponderosa & Bonanza (steakhouses), Buffalo's Cafe (wings), Pretzelmaker (pretzels), Native Grill & Wings (sports grill), and Fazoli's (Italian). The company also operates a manufacturing plant in Atlanta, Georgia producing cookie and pretzel dough for its franchise system. The portfolio spans various cuisine types and service models, from counter-service pretzel stands to full-service steakhouses.

Differentiator

Problem solved

Functional benefit

Products and services

• Round Table Pizza Pizza franchise founded in 1959 in Menlo Park, CA, operating over 410 franchised units across the United States. Known for hand-crafted pizza with scratch-made dough and premium toppings; charges 4% royalty on net sales.
• Fatburger Fast-casual burger franchise founded in 1952 in Los Angeles, operating over 200 units in 20 countries. Known for custom-built, hand-pressed beef patties; charges 6% royalty on net sales.
• Marble Slab Creamery Ice cream franchise founded in 1983 in Houston, TX, with over 250 locations globally. Known for the frozen slab technique, free unlimited mix-ins, hand-rolled waffle cones, and small-batch ice cream.
• Johnny Rockets Retro-style hamburger restaurant franchise founded in 1986 on Melrose Avenue in Los Angeles, with over 275 locations in 25+ countries. Known for Certified Angus beef burgers, hand-spun shakes, and 1950s diner ambiance; charges 6% royalty.
• Hurricane Grill & Wings Casual dining franchise founded in 1995 in Fort Pierce, FL, with 41+ locations. Known for jumbo fresh wings, 35+ signature sauces and rubs, and tropical beach-themed atmosphere; charges 6% royalty.
• Great American Cookies Cookie and baked goods franchise founded in 1977 in Atlanta, GA, with 370+ locations. Known for the Original Cookie Cake, fresh-baked cookies, brownies, and Double Doozies; products supplied by FAT Manufacturing facility.
• Ponderosa & Bonanza Steakhouses Fast-casual steakhouse concepts founded in 1965 (Ponderosa) and 1963 (Bonanza). Combined entity operates 36 company-owned units offering steaks, seafood, buffet, and Old West-themed dining.
• Buffalo's Cafe Family-themed casual dining chain founded in 1985 in Roswell, GA, with 15+ full-service restaurants and 100+ co-branded locations. Known for world-famous buffalo wings and 18 homemade wing sauces.
• Pretzelmaker Soft pretzel franchise founded in 1991, with 187+ locations. Second-largest soft pretzel concept in the U.S., credited with inventing Pretzel Bites. Also offers Fresh Twist brand for breakfast and late-night options; products supplied by FAT Manufacturing facility.
• Native Grill & Wings Polished sports grill founded in 1979, with 23 franchised locations in Arizona, Illinois, and Texas. Known for 20+ award-winning wing flavors, pizza, burgers, and family-friendly atmosphere.
• Fazoli's Fast-casual Italian chain founded in 1988 in Lexington, KY, with 210+ units in 28 states. Largest premium QSR Italian chain in America, known for freshly prepared pasta, unlimited signature breadsticks, and Italian favorites.
• FAT Manufacturing (Atlanta Cookie & Pretzel Dough Plant) Centralized manufacturing plant located at 4685 Frederic Drive SW, Atlanta, GA, producing proprietary fresh cookie dough and pretzel products for the franchise system. Holds FSMA, PCQI, HACCP, Kosher OU, and CLSSMBB certifications.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered minor.

• Big M CIEminorChannel Partner/ Reseller/ Distributor · 24 March 2026Big M CIE is the franchise development partner for Fatburger's expansion in France. The partnership opened the first Fatburger restaurant in Rosny-sous-Bois, Paris as part of a plan to expand to 30 locations across France.
• Green Micro Factory Inc.minorChannel Partner/ Reseller/ Distributor · 16 December 2025Green Micro Factory Inc. is a development partner for Fatburger's expansion in Japan, specifically in Okinawa. The partnership opened Fatburger's first location in Okinawa as part of a four-location development plan, marking the brand's return to the Japanese market.
• Eric Wilson (U.S. military veteran)minorChannel Partner/ Reseller/ Distributor · 22 October 2025Eric Wilson, a U.S. military veteran, entered a development agreement with FAT Brands to open 10 co-branded Great American Cookies and Marble Slab Creamery stores in Iraq over five years. The company already has seven locations in Iraq and aims to expand further.
• The Dairy AllianceminorStrategic or Co-development PartnerFazoli's collaborated with The Dairy Alliance to develop its Alfredo Fest limited-time menu featuring expanded lineup of pasta dishes made with richer, cheesier Alfredo sauce.
• The Cheesecake Factory Bakery and National Pork BoardminorStrategic or Co-development PartnerNative Grill & Wings collaborated with The Cheesecake Factory Bakery and the National Pork Board to introduce new menu items including Western Bacon Cheeseburger, Spicy Hawaiian Pizza, and cheesecake desserts.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Inspire Brands: Multi-brand restaurant franchisor backed by Roark Capital operating Arby's, Buffalo Wild Wings, Sonic, Dunkin', Baskin-Robbins, Jimmy John's, and Rusty Taco. The most direct comparison to FAT Brands' portfolio strategy of acquiring and franchising established restaurant concepts across multiple cuisine types.
• Restaurant Brands International: Owner-franchisor of Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Directly comparable as a publicly traded multi-brand QSR franchisor that acquires and operates differentiated global restaurant concepts through a franchise-heavy business model.
• Dine Brands Global: Franchisor of Applebee's Neighborhood Grill & Bar and IHOP, plus a stake in Fuzzy's Taco Shop. Closely comparable mid-cap multi-brand restaurant franchisor with similar franchise-fee and royalty revenue model and overlapping casual-dining and family-dining positioning.
• Wingstop: Pure-play franchise model restaurant chain specializing in wings with over 2,000 locations globally. Comparable as a high-royalty, asset-light QSR franchisor with a focused menu and international expansion model similar to FAT Brands' wing concepts (Hurricane Grill & Wings, Buffalo's Cafe, Native Grill & Wings).
• Jack in the Box: QSR franchisor operating Jack in the Box and Del Taco. Comparable asset-light franchise model with royalty and advertising fund revenue streams, and similar capital structure focus on returning capital to debt holders that mirrors FAT Brands' pre-bankruptcy WBS-financed strategy.
• NPC International: Largest Pizza Hut franchisee and former Wendy's franchisee that filed Chapter 11 in 2020. Comparable as a heavily indebted restaurant franchise operator whose bankruptcy trajectory mirrors FAT Brands' WBS-financed acquisition and restructuring arc.

Broad incumbents

• Yum! Brands: Owner of KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill. The largest pure-play multi-brand restaurant franchisor by system sales; significantly larger and more diversified than FAT Brands but operates an identical asset-light royalty model across QSR and fast-casual.
• Bloomin' Brands: Operates and franchises Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse. Comparable multi-concept casual-dining franchisor with similar full-service dining profile to FAT Brands' Ponderosa & Bonanza and Twin Peaks concepts.
• Brinker International: Owns and franchises Chili's Grill & Bar and Maggiano's Little Italy. Comparable casual-dining restaurant operator with overlapping customer base in family and group dining, and similar franchised plus company-operated store mix.
• Cracker Barrel Old Country Store: Casual dining and retail concept operator targeting family travelers. Comparable as a single-brand casual-dining operator serving family and casual diners — the same core customer segment FAT Brands targets across its steakhouses, pizza, and burger brands.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries15 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fat Brands