Fatburger Owner Buying Johnny Rockets For $25M
BIG BURGER MERGER: FATBURGER OWNER IS BUYING JOHNNY ROCKETS FOR $25 MILLION
(CNN) – Wall Street is finding a $25 million burger merger very appetizing.
The stock for fat brands was up 160% on 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 Johnny Rockets’ retro diner theme to new heights.
Fat Brands also owns Elevation Burger as well as the Ponderosa and Bonanza Steakhouse chains.
Once the Johnny Rockets deal closes, the company will own more than 700 restaurant locations worldwide.
By the way, the fat in the public company’s name does not stand for what happens when you eat too many burgers and shakes.
It stands for fresh, authentic, tasty and also fat revenues, with a total annual income expected to exceed $700-million a year.