---
title: "Fat Brands spins off Twin Peaks in IPO"
url: https://burnaze.com/article/c9742e9e-245f-48de-93e0-ed0324dbbb78
source: "Nation's Restaurant News"
original_url: https://www.nrn.com/casual-dining/fat-brands-spins-off-twin-peaks-in-ipo
author: "Ron Ruggless"
category: "Casual dining"
industry: "Restaurants"
segment: "Casual dining"
topics: ["Finance & M&A"]
published: 2025-01-31T20:33:12.000Z
modified: 2026-10-31T13:18:11.734Z
image: https://eu-images.contentstack.com/v3/assets/bltea7aee2fca050a19/blt5f05698f39ef0ffe/679d34be2c866925ad4bc47b/Twin-Peaks-IPO.jpg?width=720&quality=80&disable=upscale
---

# Fat Brands spins off Twin Peaks in IPO

**TL;DR:** Fat Brands has spun off Twin Peaks into a standalone public company through an IPO, marking the first restaurant industry IPO of 2025. The brand has reached 115 locations and has an estimated equity value of $1.04 billion to $1.28 billion.

*By Ron Ruggless, originally published in Nation's Restaurant News on 2025-01-31. [Read the original](https://www.nrn.com/casual-dining/fat-brands-spins-off-twin-peaks-in-ipo).*

## Story

Fat Brands spins off Twin Peaks in an IPO.Twin Hospitality Group Inc.

Twin Hospitality Group Inc. debuted its initial public offering on Thursday and traded lower on Friday than its initial price

The company, which operates 115 Twin Peaks Restaurants, was spun off by Beverly Hills, Calif.-based Fat Brands Inc., which retained about 95% of shares in the company

It was the first public offering of 2025 for the restaurant industry, with potential public offerings being considered by such brands as JAB Holding’s fast-casual Panera Bread, fine-dining Fogo de Chao, and Inspire Brands, parent company of Arby’s, Baskin Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and Sonic Drive Ins.

Twin Hospitality shares opened at $17.45 Thursday and traded at about $15.62 a share at 3 p.m. EST Friday, down 8.6%, or about $1.48, from its close on Thursday.

Fat Brands, which was trading the new group under the symbol TWNP on the Nasdaq exchange, also secured an anti-dilution option, which permits the company to maintain at least an 80.1% ownership stake in Twin Hospitality, should it issue new shares.

The sports-bar Twin Peaks, a Hooters rival known for its revealing wait staff uniforms, mountain theme, and beer served at 29 degrees, has an estimated equity value of $1.04 billion to $1.28 billion, according to an investor presentation published by owner Fat Brands.

Fat Brands and its chair Andy Wiederhorn were criminally indicted last year for an alleged bogus loan scheme; both have denied the charges.

Wiederhorn said during FAT Brands’ presentation earlier in January at the ICR Conference in Orlando, Fla.: “This is a business that we bought three years ago for $300 million, we put approximately $100 million dollars into it, including the acquisition of Smokey Bones, and then we grew the business by almost 50%.”

FAT Brands has said it plans to re-franchise Fazoli's and convert 30 Smokey Bones locations to Twin Peaks.

## Entities

- Restaurants (sector)
- restaurant industry (topic)
- Nation's Restaurant News (publication)
- Fat Brands (company)
- Arby's (company)
- Inspire Brands (company)
- Twin Peaks (company)
- Panera Bread (company)
- Fazoli's (company)
- Andy Wiederhorn (person)
- ipo (topic)
- Fogo de Chão (company)

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Originally reported by Ron Ruggless, Nation's Restaurant News (https://www.nrn.com/casual-dining/fat-brands-spins-off-twin-peaks-in-ipo). Summarized by Burnaze (https://burnaze.com/article/c9742e9e-245f-48de-93e0-ed0324dbbb78).