FAT Brands Inc. announced that it has successfully completed the acquisition of Homestyle Dining LLC, the parent company to the Ponderosa Steakhouse and Bonanza Steakhouse brands, for $10.5 million. With the acquisition of Ponderosa and Bonanza, FAT Brands’ franchisees now operate more than 300 restaurants around the globe with system-wide sales exceeding $300 million.
Established in 1965 and 1963 respectively, Ponderosa and Bonanza offer the quintessential American steakhouse experience with a diverse menu featuring delicious flame-grilled steaks and mouthwatering entrees. The two brands operate more than 120 locations across the U.S., Canada, Puerto Rico, the United Arab Emirates, Qatar, and Taiwan. The company plans to develop a smaller-scale Ponderosa and Bonanza concept to drive new store growth, specifically internationally, where demand for traditional American fare continues to grow.
“Ponderosa and Bonanza both possess strong brand identities that appeal to a broad consumer-base, and align with FAT Brands’ commitment to providing guests with high-quality, made-to-order meals,” says Andy Wiederhorn, president and CEO of FAT Brands. “The completion of this acquisition will allow our management team to seamlessly extend Ponderosa and Bonanza into new segments and expand their footprints in existing markets through the Company’s extensive franchisee network.”
FAT Brands is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The company currently owns five restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa and Bonanza Steakhouses, that have approximately 300 locations open and 300 under development in 32 countries.