Twin Peaks Transfers to Franchisee-Backed Ownership After FAT Brands Bankruptcy

The chain was recently acquired for about $360 million.

Twin Peaks is entering a new chapter under the leadership of some of its most experienced operators.

The sports lodge chain announced that Summit Acquisitions, LLC has assumed a strategic advisory role on behalf of the brand’s bondholders and will oversee operations and growth strategy as it works toward completing a full acquisition of Twin Peaks.

The move effectively severs Twin Peaks from FAT Brands and returns the concept to private ownership under Summit Twin Hospitality I, LLC. More importantly, it places the future of the brand in the hands of franchisees who have spent years building Twin Peaks restaurants across the United States and internationally.

Summit Acquisitions includes operators behind groups such as 3BMgmnt Inc, JEB Food Group, and Operadora 2 Montes in Mexico. Collectively, they represent some of the most established franchisees in the system.

“This transition gives our team the foundation we’ve needed to execute on the vision we’ve always had for this brand,” Twin Peaks president and COO Roger Gondek said in a statement. “We have a strong system, exceptional operators, and enviable guest loyalty, and now we have the financial footing to match. The best days for Twin Peaks are ahead.”

The announcement comes months after FAT Brands entered Chapter 11 bankruptcy protection amid roughly $1.5 billion in debt and a contentious restructuring process that pitted the company against its lenders. What began as a heavily leveraged restaurant conglomerate built through years of acquisitions eventually unraveled under mounting debt obligations and disputes over leadership, governance, and ownership.

At its peak, FAT Brands controlled more than 2,200 restaurants worldwide across concepts ranging from Fatburger and Johnny Rockets to Fazoli’s, Round Table Pizza, Great American Cookies, and Twin Peaks. The company spent nearly $1 billion acquiring brands between 2020 and 2023 as it pursued an aggressive consolidation strategy.

Twin Peaks quickly emerged as the crown jewel of the portfolio. The sports lodge chain generated some of the strongest unit economics in the system and became FAT Brands’ largest concept by sales volume. One of its widely publicized growth plans was to convert dozens of Smokey Bones restaurants. The barbecue concept has since shut down for good.

As part of the bankruptcy process, lenders submitted a $359.5 million credit bid for Twin Peaks, separate from a larger $595 million transaction covering most of the remaining FAT Brands concepts. A Texas court ultimately approved the sales package, bringing the restructuring process to a close and transferring ownership of Twin Peaks to a lender-backed group.

The company said existing corporate leadership will remain in place, including Gondek, CMO Melissa Fry, CPO Lexi Burns, and CFO Scott Gray. No staffing reductions are planned, and leadership expects to add team members as development continues.

Twin Peaks currently operates more than 115 locations and maintains a growing pipeline. The company recently opened a lodge in Omaha, Nebraska, signed an area development agreement with New London Hospitality to enter Connecticut, and reached a deal to expand into South Texas markets including Brownsville, South Padre Island, and Laredo. Another location is scheduled to open in Kissimmee, Florida, later this month.

The brand also continues to benefit from a business model built around major sporting events, a scratch-made food program, and its signature 29-degree draft beer offering. Leadership pointed to upcoming programming such as the FIFA World Cup, MLB, NFL season, UFC events, and postseason basketball and hockey as key drivers of guest traffic.

Kratos Capital and Kratos Capital Markets acted as exclusive financial adviser to Summit Acquisitions, LLC in connection with this transition.

‍