Just weeks after announcing it was buying Fazoli's for $130 million, Los Angeles-based FAT Brands Inc. said it was acquiring Native Grill & Wings, an Arizona-based, 23-unit chain.

Wingtime LLC, a subsidiary of Cybeck Capital Partners, is selling the brand — known for its cult-like following and 20 wing flavors that guests can order by the individual wing — for $20 million, according to a company press release.

Marking FAT Brands' third chicken wing concept, the acquisition will be funded with cash from the issuance of notes from FAT's securitization facilities and will close in mid-December 2021.

When the sale is final, FAT Brands, which owns Fatburger, will have over 2,300 franchised and corporate-owned stores around the world with a combined annual system-wide sales of about $2.3 billion. The addition of the chicken wing concept, including the new stores due to open and under development, will increase the company's post-COVID normalized EBITDA by nearly $3 million in 2022, according to the release.

The transaction marks FAT's fourth acquisition in 2021, including Global Franchise Group in Julyand Twin Peaks in October.

"With the chicken wing sector growing in popularity throughout the pandemic, we knew that we wanted to continue developing our portfolio further into this category by bringing in a brand that would complement our existing wing concepts," FAT Brands CEO Andy Wiederhorn said in the release. "Native Grill & Wings has been on our radar for some time given its ability to remain nimble and deliver strong system-wide sales growth over the past year.

"We're pleased to build off the success established by Dan Chaon, Native brand CEO, and Cybeck Capital Partners LLC, and we look forward to expanding Native Grill & Wings' presence into new markets."

FAT Brands owns 15 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. It will own Fazoli's by mid-December when the deal closes.

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