FAT (Fresh. Authentic. Tasty.) Brands Inc., Los Angeles, announced plans to acquire Homestyle Dining LLC, the Richardson, Texas-based parent company of Ponderosa Steakhouse and Bonanza Steakhouse brands. The $10.5 million deal includes Fatburger, Buffalo’s Cafe and Buffalo’s Express, and enables FAT Brands to develop a fast-casual version of the Ponderosa concept.
“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,” says Andy Wiederhorn, president and CEO 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.”
FAT Brands currently owns two restaurant brands that boast more than 200 locations open and under development in 18 countries.