In a deal valued at $10.5 million, multiconcept operator FAT Brands will acquire Homestyle Dining, parent company to the Ponderosa Steakhouse and Bonanza restaurant chains. FAT Brands’ restaurant portfolio includes Fatburger, Buffalo’s Cafe and Buffalo’s Express. FAT Brands also plans to develop a fast-casual version of the Ponderosa concept.
This deal could signal the start of a growth spurt for FAT Brands. “We are entering into our first major deal since the 2011 acquisition of Buffalo’s Cafe and subsequent creation of Buffalo’s Express in 2012,” said Andy Wiederhorn, FAT Brands CEO and president, in a release announcing the deal. “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.”