LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc. has entered into an agreement to acquire Homestyle Dining L.L.C., parent company to the Ponderosa Steakhouse and Bonanza Steakhouse brands, for $10.5 million.
The two steakhouse restaurant chains, which operate 120 locations, will join FAT Brand’s existing portfolio of brands, which includes Fatburger, Buffalo’s Café and Buffalo’s Express.
As part of the acquisition, FAT Brands plans to develop a fast-casual version of the Ponderosa concept. The company executed a similar strategy after its acquisition of Buffalo’s Café in 2011, creating the fast-casual spin-off of the chain, Buffalo’s Express, in 2012.
|Andy Wiederhorn, c.e.o. and president of FAT Brands|
“Once closed, the acquisition of Ponderosa and Bonanza will be one of many milestones as we take FAT Brands public, acquire other restaurant concepts and expand our global reach,” said Andy Wiederhorn, chief executive officer and president of FAT Brands.FAT Brands’ acquisition of the steakhouse brands feeds into its Form 1-A filing with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock under the recently amended provisions of Regulation A+ pursuant to the Jumpstart Our Business Startups Act of 2012.