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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 -0.75% 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 -0.24% is up 4.8% for the period.

/zigman2/quotes/201237501/composite
US : U.S.: Nasdaq
$ 5.98
-0.05 -0.75%
Volume: 16,973
Sept. 29, 2020 1:37p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$71.61 million
Rev. per Employee
$432.01
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/zigman2/quotes/210599714/realtime
US : S&P US
3,343.45
-8.15 -0.24%
Volume: 1.16B
Sept. 29, 2020 1:59p
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