Merger frees up parent of Fatburger to more easily grow through acquisitions
Fat Brands, the parent of Fatburger, Johnny Rockets and several other fast-casual brands, has agreed to merge with its majority shareholder, Fog Cutter Capital Group (FCCG). The merger will remove the need for FCCG to hold an over-80-percent share of Fat Brands stock for the restaurant company to utilize its $100M of net opening loss carry-forwards (NOLs). The move also increases Fat Brands’ financial flexibility and will better-position it for future acquisitions, according to an announcement.