Category: Food and Services

Twin Hospitality (TWNP) – Acquiring 8 Top Performing Franchised Twin Peaks Locations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 18, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Acquisition. Twin Hospitality has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. We view this strategic transaction as an opportunistic investment in a key growth market, even as the Company’s long-term focus remains on franchise driven expansion.

Details. The acquisition will bring the following Florida locations to Company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA, representing an EV/Sales multiple of 0.6x and an EV/EBITDA multiple of approximately 5x, a discount to TWNP’s current trading multiples.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Twin Hospitality Group to Acquire Eight Twin Peaks Franchise Locations in Florida 

Posted on by slightbourne@noblecapitalmarkets.com

November 17, 2025

Strategic Acquisition Expected to Strengthen Balance Sheet Through Enhanced EBITDA Generation

DALLAS, Texas, Nov. 17, 2025 (GLOBE NEWSWIRE) — Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Twin Peaks and Smokey Bones, today announced it has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. The strategic transaction represents an opportunistic investment in a key growth market even as the Company’s long-term focus remains on franchise driven expansion.

The acquisition will bring the following Florida locations to company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA. The incremental EBITDA contribution is expected to help reduce leverage, further strengthening the Company’s balance sheet and financial flexibility.

“We are delighted to bring proven, high-performing franchise locations into our corporate portfolio,” said Kim Boerema, CEO of Twin Hospitality Group. “These are some of our top performing restaurants, and Florida has consistently demonstrated strong performance as a key market for Twin Peaks.”

“The enhanced cash flow and increased EBITDA from these locations is expected to strengthen our balance sheet through deleveraging while enabling us to capitalize on incremental revenue and margin growth,” added Andy Wiederhorn, Chairman of Twin Hospitality Group.

The transaction is expected to close in the first quarter of 2026, and is subject to completion of a definitive purchase agreement, financing and customary closing conditions.

For more information on Twin Hospitality Group, visit https://ir.twinpeaksrestaurant.com/.

About Twin Hospitality Group Inc.

Twin Hospitality Group Inc. (NASDAQ: TWNP) is a restaurant company that strategically develops and operates and franchises specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands, Twin Peaks and Smokey Bones. Twin Peaks, known as the ultimate sports lodge, is an award-winning restaurant and sports bar brand with 114 locations across 26 states and Mexico and is known for its made-from-scratch food, 29-degree draft beer, innovative cocktail program and sports on wall-to-wall televisions. Smokey Bones is a full-service, meat-centric restaurant brand and concept with 45 locations, across 15 states specializing in ribs and a variety of other slow-smoked, fire-grilled and seared meats, along with a full bar. For more information, please visit www.twinpeaksrestaurant.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing of and expected revenue and EBITDA contribution from the proposed acquisition of restaurants Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Media Relations:
Erin Mandzik
emandzik@fatbrands.com
860-212-6509

TreeHouse Foods to Be Acquired by Investindustrial in $2.9 Billion Deal

Posted on by slightbourne@noblecapitalmarkets.com

TreeHouse Foods, a leading U.S. private-label snacking and beverage manufacturer, has entered into a definitive agreement to be acquired by Investindustrial, a European investment group, in a transaction valued at $2.9 billion. The all-cash deal marks a significant milestone for TreeHouse Foods as it transitions from a publicly traded company on the New York Stock Exchange to a privately held entity under Investindustrial’s ownership.

Under the terms of the agreement announced November 10, 2025, TreeHouse shareholders will receive $22.50 per share in cash and one non-transferable Contingent Value Right (CVR) per share. The CVR provides shareholders the opportunity to receive a portion of any net proceeds from ongoing litigation related to TreeHouse’s former coffee business. The cash portion values TreeHouse’s equity at approximately $1.2 billion, representing a 38 percent premium over the company’s closing price on September 26, 2025, and a 29 percent premium over its 30-day volume-weighted average.

The acquisition underscores TreeHouse’s strategic evolution over the past several years toward becoming a focused snacking and beverage private brand leader. The company has streamlined its portfolio to concentrate on high-growth, high-margin categories such as nuts, cookies, pretzels, and beverages. The sale to Investindustrial is expected to provide immediate value to shareholders while positioning the company for continued growth under private ownership.

Investindustrial, known for its strong track record in food and beverage investments, views TreeHouse as an important addition to its expanding North American portfolio. Following the transaction, Investindustrial portfolio companies will collectively operate more than 85 manufacturing plants and employ over 16,000 people across the region. The firm has emphasized that TreeHouse Foods will continue to operate independently, retaining its leadership team and brand identity.

The deal has been unanimously approved by the TreeHouse Foods Board of Directors and is expected to close in the first quarter of 2026, pending shareholder and regulatory approval. Notably, activist investor JANA Partners LLC, which holds a 10 percent stake in TreeHouse, has already agreed to vote in favor of the acquisition. The transaction is not contingent on financing, signaling strong confidence from both parties in the deal’s completion.

As part of the agreement, TreeHouse shareholders will also receive a Contingent Value Right tied to the company’s ongoing lawsuit against Keurig Green Mountain, a subsidiary of Keurig Dr Pepper. The case, filed in 2014, alleges antitrust and unfair competition practices related to single-serve coffee pods and brewers. Depending on the court’s decision, potential damages could range from hundreds of millions to over a billion dollars, with CVR holders entitled to 85 percent of any recovered proceeds.

Following the completion of the acquisition, TreeHouse Foods will delist from the NYSE and become a privately held company. The move is expected to give management greater flexibility to pursue long-term strategies without the pressures of quarterly reporting.

With Investindustrial’s backing and industry expertise, TreeHouse Foods is poised to strengthen its position in the competitive private-label market, expand its manufacturing footprint, and capitalize on the growing demand for affordable, high-quality snack and beverage products.

Twin Hospitality (TWNP) – Strategy Being Implemented

Posted on by slightbourne@noblecapitalmarkets.com


Monday, November 10, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. In the third quarter, Twin Peaks delivered a solid performance, expanding restaurant-level contribution margin to 17.0%. Sales within core markets also grew year-over-year despite regional headwinds. The conversions of certain Smokey Bones locations continues, with converted locations performing well.

3Q25 Results. Revenue decreased 1.6% y-o-y to $82.3 million, reflecting the loss of revenue from closed Smokey Bones locations as well as a decline in SSS. Twin Peaks System-wide sales declined 1.4%, with SSS off 4.1%. Adjusted EBITDA of $3 million in 3Q25 improved modestly from $2.3 million in 3Q24. Twin Hospitality reported a loss of $24.5 million compared to a net loss of $16.2 million last year.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ONE Group Hospitality (STKS) – Third Quarter Results

Posted on by slightbourne@noblecapitalmarkets.com


Monday, November 10, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. Third quarter results were below expectations as operations were impacted by factors that temporarily reduced traffic in certain markets. Rising commodity costs outpaced pricing adjustments, impacting margins. The Benihana integration continues to exceed management expectations, and the new Benihana prototype is delivering strong results.

3Q25 Results. Revenue was $180.2 million, down from $194 million in 3Q24 and our $193.5 million estimate. Adjusted EBITDA totaled $10.6 million, down from $14.9 million in 3Q24 and below our $17.6 million estimate. ONE Group reported a GAAP loss of $85.3 million, or a loss of $2.75/sh, versus a loss of $16.4 million, or $0.53/sh last year.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FAT Brands (FAT) – Third Quarter Results

Posted on by slightbourne@noblecapitalmarkets.com


Monday, November 10, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. While the restaurant industry continues to face headwinds, FAT Brands did see some positives from the operating side. Most encouraging is the momentum in same-store sales performance. The Company narrowed the SSS decline to just 3.5%, down from 4.2% in the second quarter, representing the strongest quarterly performance so far this year.

3Q25 Financials. Quarterly revenue totaled $140 million, a 2.3% decrease from $143.4 million in last year’s quarter. The decline was driven primarily by the closure of 11 underperforming Smokey Bones locations as planned. Adjusted EBITDA was $13.1 million, compared to $14.1 million a year ago. The Company reported a GAAP net loss of $58.2 million versus a net loss of $44.8 million a year ago. Adjusted net loss was $45.4 million, or $2.67/sh, compared to adjusted net loss of $38.0 million, or $2.34/sh, in 3Q24.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Twin Hospitality (TWNP) – A High-Growth, Asset Light Restaurant Franchisor

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, October 21, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiation. We are initiating equity research coverage on Twin Hospitality Group with an Outperform rating and $10 price target. Twin Hospitality is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. The Company is a high-growth, asset light restaurant franchisor with a compelling franchisee value proposition, in our view. On January 29, 2025, parent company FAT Brands distributed approximately 5% of Twin Hospitality Class A shares to FAT Brands shareholders, bringing Twin Hospitality public.

A Premium Sports Bar Leader. Twin Hospitality currently operates approximately 115 Twin Peaks locations, consisting of 35 Company-owned and 80 franchised units. Twin Peaks offers a differentiated sports bar experience, from the lodge experience, to its signature 28-degree draft beer, a made-from-scratch menu, always-on wall-to-wall TVs, to the Twin Peaks Ambassadors, every customer receives an experience differentiated from the competition.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – FAT Brands Inc. – Fatburger Returns to Japan with New Development Deal in Okinawa

Posted on by slightbourne@noblecapitalmarkets.com
Primary Logo

09/25/2025

Iconic All-American Burger Chain to Open Four Locations in Okinawa Over The Next Five Years

LOS ANGELES, Sept. 25, 2025 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Fatburger and 17 other restaurant concepts, announces a new partnership with Green Micro Factory Inc. to bring the beloved burger brand back to Japan. Four locations will open in Okinawa over the next five years, with the first unit slated to open before the end of the year.

“Okinawa presents a strategic opportunity for our return to Japan with its robust tourism and steady foot traffic generated by its military base presence,” said Taylor Wiederhorn, Chief Development Officer of FAT Brands. “We see our debut in Okinawa as the first step in our broader growth across the country as we look to win locals over with our custom-built burgers, Fat and Skinny Fries, hand-scooped milkshakes, and more.”

Ever since the first Fatburger opened in Los Angeles over 70 years ago, the chain has been known for its delicious, grilled-to-perfection and cooked-to-order burgers. Founder Lovie Yancey believed that a big burger with everything on it is a meal in itself; at Fatburger “everything” is not just the usual roster of toppings. Burgers can be customized with everything from bacon and eggs to chili and onion rings. In addition to its famous burgers, the Fatburger menu also includes Fat and Skinny Fries, sweet potato fries, scratch-made onion rings, Impossible™ Burgers, turkeyburgers, hand-breaded crispy chicken sandwiches, and hand-scooped milkshakes made from 100 percent real ice cream.

For more information on Fatburger, visit www.fatburger.com.

###

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, quick-service, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About Fatburger

An all-American, Hollywood favorite, Fatburger is a fast-casual restaurant serving big, juicy, tasty burgers, crafted specifically to each customer’s liking. With a legacy spanning over 70 years, Fatburger’s extraordinary quality and taste inspire fierce loyalty amongst its fan base, which includes a number of A-list celebrities and athletes. Featuring a contemporary design and ambiance, Fatburger offers an unparalleled dining experience, demonstrating the same dedication to serving gourmet, homemade, custom-built burgers as it has since 1952 – The Last Great Hamburger Stand™.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and area development agreements. Forward-looking statements reflect expectations of FAT Brands Inc. (“we” or “our”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

MEDIA CONTACT:
Erin Mandzik, FAT Brands
emandzik@fatbrands.com
860-212-6509

Source: FAT Brands Inc.

FAT Brands (FAT) – Return of the CEO

Posted on by slightbourne@noblecapitalmarkets.com


Monday, September 08, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Return. FAT Brands announced the return of Andrew Wiederhorn as Chief Executive Officer. Recall, Mr. Wiederhorn had stepped down from his CEO role in May 2023 when the U.S. Department of Justice filed fraud and tax evasion charges against Mr. Wiederhorn. With the criminal charges now dropped, Mr. Wiederhorn will resume leading the Company he founded. Current co-CEOs Ken Kuick and Taylor Wiederhorn will return to their original roles as CFO and Chief Development Officer, respectively.

Our View. We view the re-appointment of Mr. Wiederhorn as CEO as a positive, although in his role as Chairman of the Board and consultant over the past two years, we believe Mr. Wiederhorn was still a guiding force for the Company. We believe the Company will continue to focus on its strategic priorities: organic expansion, targeted acquisitions, increasing the manufacturing facility’s capacity, and focusing on the balance sheet.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kraft Heinz Breaks Up: Split Marks End of Unfulfilled $45 Billion Merger

Posted on by slightbourne@noblecapitalmarkets.com

Kraft Heinz is officially dismantling a decade-old experiment in consumer goods consolidation, announcing plans to split into two publicly traded companies. The breakup, slated for completion in the second half of 2026, will create one company focused on sauces and spreads and another dedicated to grocery staples and ready-to-eat meals.

The move reflects a growing trend among global consumer brands, which are abandoning the diversified conglomerate model in favor of sharper focus, simplified structures, and more direct accountability. For Kraft Heinz, the decision comes after years of lagging sales, weak innovation, and declining brand equity despite its stable of iconic products.

Investors reacted cautiously, sending shares down more than 7% in Tuesday trading. While the spinoff has long been anticipated, markets remain skeptical about whether separating the businesses can meaningfully address underlying challenges. Analysts suggest the split could unlock near-term value, but note that execution risks remain high, particularly as private-label competition intensifies and consumer preferences continue shifting toward fresher, healthier options.

The grocery division, which will include brands such as Oscar Mayer and Lunchables, will be led by current CEO Carlos Abrams-Rivera. The sauces and spreads business, housing household names like Heinz ketchup, Philadelphia cream cheese, and Kraft Mac & Cheese, will operate under new leadership yet to be appointed. Together, the two companies generated more than $25 billion in combined sales in 2024.

The separation is also the latest chapter in what has become one of the more disappointing large-scale mergers in recent memory. The 2015 tie-up of Kraft Foods and Heinz, engineered with backing from Warren Buffett’s Berkshire Hathaway and private equity firm 3G Capital, was initially valued at $45 billion. The strategy relied heavily on cost-cutting, but growth never materialized as hoped. Today, Kraft Heinz carries a market value closer to $33 billion, with shares losing roughly 60% since the merger.

Even Buffett, one of the original architects of the deal, has expressed regret over the outcome. While acknowledging that splitting the company could simplify operations, he suggested the decision is unlikely to fix long-standing performance issues without deeper changes. His investment firm recently booked a multibillion-dollar write-down on its stake in the company.

Strategically, management argues the breakup will allow each entity to prioritize resources, pursue innovation, and scale its most promising categories. The company estimates separation costs of up to $300 million, but believes efficiencies will offset much of the expense. Still, industry analysts caution that Kraft Heinz’s core problem—relevance with consumers—will not be solved by structural changes alone.

The decision comes as the packaged foods industry undergoes broad realignment. Rivals such as Nestlé and PepsiCo are also facing shareholder pressure to streamline portfolios and accelerate growth. Meanwhile, recent moves like Keurig Dr Pepper’s planned $18 billion takeover of JDE Peet’s illustrate how sector leaders are experimenting with restructuring to remain competitive.

For Kraft Heinz, the split represents both an admission of past missteps and a chance to reset its trajectory. Whether investors will ultimately view the move as a turning point or a temporary lift will depend on how successfully each business can adapt in a crowded, fast-changing marketplace.

Keurig Dr Pepper to Acquire JDE Peet’s, Creating Two Distinct Beverage Giants

Posted on by slightbourne@noblecapitalmarkets.com

Keurig Dr Pepper announced plans to acquire European coffee powerhouse JDE Peet’s in a landmark $18 billion all-cash deal, signaling a major reshaping of the company’s portfolio. Once finalized, the transaction will split the business into two separate entities: a coffee-focused company combining Keurig’s single-serve pods with JDE Peet’s global coffee brands, and a soft drink company housing iconic beverages such as Dr Pepper, Snapple, and 7UP.

The deal is being framed as a strategic response to shifting consumer trends and mounting pressures in the coffee market. While the beverage segment has remained strong, Keurig Dr Pepper’s coffee business has faced challenges in recent years due to rising coffee bean prices, supply disruptions, and competition from store brands. By separating the two businesses, the company aims to allow each entity to pursue tailored growth strategies suited to their respective markets.

The new coffee company, projected to generate around $16 billion in annual sales, will be headquartered in Burlington, Massachusetts, with international operations managed from Amsterdam. Meanwhile, the beverage business, with roughly $11 billion in annual sales, will operate out of Frisco, Texas. This structural shift allows both companies to focus on specialized operational efficiencies and innovation. Keurig Dr Pepper executives expect that the coffee-focused entity will be better equipped to navigate global commodity pressures, including droughts in major coffee-exporting regions like Brazil and Vietnam, as well as newly imposed U.S. tariffs on Brazilian coffee imports.

JDE Peet’s brings nearly 50 coffee and tea brands from around the world, including France’s L’Or, Germany’s Jacobs coffee, and New Zealand’s Ti Ora tea. The company has demonstrated strong pricing power, with first-half sales rising nearly 20% to just under $6 billion, driven primarily by strategic price increases. Keurig Dr Pepper anticipates leveraging JDE Peet’s international reach and brand diversity to accelerate innovation and expand global market share.

In contrast, Keurig Dr Pepper’s soft drink division has outperformed in recent quarters, with sales rising 10.5% year-over-year to $2.7 billion, fueled by strong demand for flavored beverages. By keeping this segment distinct, management aims to maintain focus on profitable core brands while continuing to pursue growth in emerging beverage trends.

Industry analysts view the transaction as part of a broader trend among major food and beverage companies to realign portfolios. Similar moves in recent years include Kellogg’s spin-off of its snack brands and the acquisition activity by Mars and Ferrero, highlighting the increasing importance of market specialization in maintaining competitiveness.

The deal is expected to close in the first half of 2026, pending shareholder and regulatory approvals. Management changes are also slated: Timothy Cofer, CEO of Keurig Dr Pepper, will lead the beverage business, while CFO Sudhanshu Priyadarshi will oversee the newly formed coffee company. Executives emphasize that the separation will create two highly focused, growth-oriented companies, each with the agility to respond to consumer demand and evolving market conditions.

As consumer habits continue to evolve and commodity prices fluctuate, the split positions Keurig Dr Pepper to optimize value across both the coffee and soft drink markets, potentially unlocking growth and operational efficiencies that were harder to achieve under a unified structure.

ONE Group Hospitality (STKS) – Some Good, Some Challenges; Reports 2Q25 Results

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, August 07, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Mixed Bag.  In the second quarter, Benihana delivered positive same store sales, and STK achieved positive traffic for the second and third consecutive quarters, respectively. However, Grill concept SSS were off 14.6% and the Company closed five locations in the quarter. Expenses were also higher than anticipated.

2Q25 Results. Overall revenue increased 20.2% y-o-y to $207.2 million, mostly due to a full quarter of Benihana. We had estimated $206.7 million. Adjusted EBITDA was $23.4 million, up 7.3% y-o-y, but below our $24.9 million estimate. ONE Group reported a GAAP net loss of $10.1 million, versus a net loss of $7.3 million a year ago. Including the preferred dividend, net loss per share was $0.59 versus a net loss per share of $0.38 last year. Adjusted EPS was $0.05 compared to $0.19 last year.  


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FAT Brands (FAT) – Refinancing Framework

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Refi Discussions. On or about July 9, 2025, FAT Brands entered into a confidentiality agreement with certain Holders of notes issued by the Company’s special purpose, whole business securitization financing subsidiaries. The Confidentiality Agreement facilitated the Company’s ability to engage in discussions with the Holders regarding one or more potential transactions involving a refinancing, restructuring or similar transaction with the Holders. As part of the confidentiality agreement, FAT Brands agreed to publicly disclose certain information, which Thursday’s 8-K accomplished.

First Look. The potential transaction described in the “Cleansing Material” was the Company’s initial proposal to the Holders. An agreement has not yet been reached with the Holders, and we expect negotiations to continue. The disclosed material provides summary term sheets for both FAT Brands’ and Twin Hospitality’s whole business securitizations.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.