M&A Deal Summary

FAT Brands Acquires Johnny Rockets

On August 13, 2020, FAT Brands acquired restaurant Johnny Rockets from Winona Capital Management and Sun Capital Partners for 25M USD

Acquisition Highlights
  • This is FAT Brands’ 3rd transaction in the Restaurants sector.
  • This is FAT Brands’ 4th largest (disclosed) transaction.
  • This is FAT Brands’ 3rd transaction in the United States.
  • This is FAT Brands’ 2nd transaction in California.

M&A Deal Summary
Date 2020-08-13
Target Johnny Rockets
Sector Restaurants
Buyer(s) FAT Brands
Sellers(s) Winona Capital Management
Sun Capital Partners
Deal Type Add-on Acquisition
Deal Value 25M USD

Target

Johnny Rockets

Lake Forest, California, United States
The Johnny Rockets Group, Inc. is an international restaurant franchise that offers high quality, innovative menu items including items including Certied Angus Beef® cooked-to-order hamburgers, Boca Burger®, chicken sandwiches, crispy fries and rich, delicious hand-spun shakes and malts. Johnny Rockets was established in 1986 and is based in Lake Forest, California.

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Buyer(S) 1

Buyer

FAT Brands

Beverly Hills, California, United States
Category Company
Founded 2017
Sector Restaurants
Employees2,600
Revenue 480M USD (2023)
DESCRIPTION

FAT Brands is a 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 & Bonanza Steakhouses, that have approximately 300 locations open and 300 under development in 32 countries. FAT Brands was founded in 2017 and is based in Beverly Hills, California.

DEAL STATS #
Overall 3 of 9
Sector (Restaurants) 3 of 7
Type (Add-on Acquisition) 3 of 7
State (California) 2 of 2
Country (United States) 3 of 9
Year (2020) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 Yalla Mediterranean

Manhattan Beach, California, United States

Yalla Mediterranean is a casual restaurant brand specializing in authentic Mediterranean cuisine in a vibrant, environmentally-friendly space. Yalla Mediterranean is based in Manhattan Beach, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 Global Franchise Group

Atlanta, Georgia, United States

Global Franchise Group is a strategic brand management company that currently owns and manages a portfolio of franchised brands in the quick service restaurant industry and the retail footwear and accessories industry. Global Franchise Group was founded in 2010 and is based in Atlanta, Georgia.

Buy $443M

Seller(S) 2

SELLER

Winona Capital Management

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2006
PE ASSETS 125M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Winona Capital Management is a private investment firm that makes direct investments in consumer related middle-market companies. Winona targets growth companies generating sales of $10 to $100 million and EBITDA of at least $1 million. The Firm can commit up to $15 million per transaction. Specific areas of interest include niche consumer goods and services; sports, recreation and leisure; specialty manufacturing and distribution; growth-oriented, multi-unit specialty food and retail; and education services. Winona's investment horizon is five years. Winona Capital Management is based in Chicago, Illinois.

DEAL STATS #
Overall 7 of 9
Sector (Restaurants) 2 of 2
Type (Add-on Acquisition) 5 of 6
State (California) 2 of 2
Country (United States) 6 of 7
Year (2020) 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 LK International AG

Hünenberg, Switzerland

LK International AG (KJUS) stands for sportswear made of innovative, high-performance material with a distinctive, clean design. The award-winning collections Ski, Golf and Lifestyle are developed by passionate sports experts and tested by professional athletes. The products are designed to enable sportspeople to focus on the experience. Driven by an enthusiasm for sports and an uncompromising vision, KJUS continues to push farther, innovating with every seam, fabric, and detail.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-16 Fat Brain Toys

Elkhorn, Nebraska, United States

Fat Brain Toys is a global designer, producer, and marketer of a broad range of innovative, high‐quality toys sold to preschoolers, youths, and adults under the TOMY® and Ertl® brands as well as products for parents, infants, and toddlers marketed under The First Years, JJ Cole Collections and Boon® brands. TOMY International also markets its products under popular licensed properties such as John Deere, Ricky Zoom, Nintendo, Lamaze, Disney Baby properties including Mickey and Minnie Mouse, Princesses, Cars, Fairies, and Toy Story, and other well‐known licenses. TOMY International's mission is to Make the World Smile. TOMY International reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North and South America, Europe, and Australia. Fat Brain Toys was formed in 2002 and is based in Elkhorn, Nebraska.

Sell -
SELLER

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.

DEAL STATS #
Overall 111 of 127
Sector (Restaurants) 12 of 13
Type (Add-on Acquisition) 43 of 53
State (California) 9 of 9
Country (United States) 79 of 88
Year (2020) 4 of 6
Size (of disclosed) 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-14 Flabeg

Nuremburg, Germany

Flabeg Deutschland GmbH is a supplier of high-performance automotive glass products. Flabeg develops optimum solutions for the widest range of glass and mirror applications worldwide and is the world’s leading manufacturer of mirrors for the automotive industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-17 Mancini s Sleepworld

Livermore, California, United States

Mancini's Sleepworld is a retailer of brand mattresses and other sleep products such as adjustable bed frames. Mancini's Sleepworld was founded in 1969 and is based in Livermore, California.

Buy -
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