Fatburger owner is buying Johnny Rockets for $25 million
Investors like the news
(CNN) – Wall Street is finding a $25 million burger merger very appetizing.
The stock for FAT Brands was up 160% Thursday morning on the news that Fatburger is acquiring Johnny Rockets.
Like much of the restaurant industry, FAT Brands has been hit hard by the pandemic, but investors like its plan to take the 1950s diner-themed chain to “new heights.”
FAT Brands already owns Elevation Burger as well as Hurricane Grill & Wings and the Ponderosa and Bonanza steakhouse chains.
Once the Johnny Rockets deal closes, the company will own more than 700 restaurant locations worldwide with total annual sales of $700 million.
By the way, the “FAT” in FAT Brands doesn’t stand for what happens when you eat too many burgers and shakes.
It’s an acronym for Fresh. Authentic. Tasty.
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