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Aug. 13, 2020, 11:28 a.m. EDT

Shares of Fatburger parent soar 128% after $25 million Johnny Rockets acquisition

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By Tonya Garcia

Fat Brands Inc. /zigman2/quotes/201237501/composite FAT +3.49% stock soared 128% in Thursday trading after the company announced it was acquiring the Johnny Rockets chain restaurants from private-equity firm Sun Capital Partners Inc. for $25 million. The purchase, funded through cash on hand and proceeds from the company's securitization facility, is expected to be completed next month. Johnny Rockets is a 50's-style burger-and-shake chain with 325 locations around the world, including nine that are company-owned. The acquisition will bring Fat Brands' total number of owned and franchised locations to more than 700 with annual sales that exceed $700 million. Fat Brands stock has rallied 77% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.81% is up 4.8% for the period.

/zigman2/quotes/201237501/composite
US : U.S.: Nasdaq
$ 6.11
+0.21 +3.49%
Volume: 66,257
Sept. 22, 2020 3:04p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$70.18 million
Rev. per Employee
$432.01
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/zigman2/quotes/210599714/realtime
US : S&P US
3,307.52
+26.46 +0.81%
Volume: 1.57B
Sept. 22, 2020 3:09p
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