FAT Brands Inc. has acquired Elevation Burger for $10 million funded through a combination of sellers’ notes and cash, the franchising company announced Thursday. Los Angeles-based FAT Brands, which owns the Fatburger concept and others, said the acquisition of Elevation Burger, a Falls Church, Va.-based chain and an early pioneer of the “healthful” organic burger, takes the parent company’s unit count to more than 400 restaurants worldwide. The fast-casual Elevation Burger, which was established in 2002, joins other FAT Brands such as Fatburger, Buffalo’s Café Hurricane Grill Wings and Yalla Mediterranean. In 2017, FAT Brands purchased the Ponderosa and Bonanza steakhouse brands for $10.5 million. Elevation Burger franchises 44 locations across the U.S. and internationally. And with this acquisition, FAT Brands said its annual systemwide sales will exceed $400 million. FAT Brands struck a deal in January with Steak ‘n’ Shake owner Sardar Biglari’s Lion Fund L.P. and The Lion Fund II L.P. to borrow $20 million for payment on its debt facility. The term loan matures on June 30, 2020, and interest is payable quarterly at an annual fixed rate of 20%. For the quarter ended March 31, FAT Brands swung to a loss of $710,000, or 6 cents a share, from a profit of $509,000, or 5 cents a share, in the same period last year. Total revenue in the quarter increased 35.9% to $4.9 million from $3.6 million in the year-ago period.

Johnny Rockets is a private American restaurant chain founded in 1986. The chain currently operates more than 340 locations worldwide. Sun Capital Partners Inc. acquired the chain from in June of 2013 for more than $100 million.

The Dubai-based private equity firm Al Masah Capital has acquired Al Faris Restaurant, which owns the Johnny Rockets franchise in the UAE and Oman. The move yesterday is further evidence that the appetite for mergers and acquisitions in the UAE’s food and beverages sector is growing. This follows close on the heels of two other deals. The retailer Marka last month purchased the home-grown restaurant chain Reem Al Bawadi for Dh315 million, and this month, Audacia Capital, a Dubai-based investment bank, bought a 30 per cent stake in Al Safadi Restaurants. Al Masah’s food and beverage arm, Diamond Lifestyle, acquired the UAE-based operator of the Johnny Rockets burger chain. Diamond Lifestyle declined to give the value of the deal but said it expects to invest $150m in the sector over the next three years. The California-based Johnny Rockets entered the UAE in 1996 with an outlet in Jumeirah. Today, it has eight restaurants in Dubai, four in Abu Dhabi and two in Ras Al Khaimah, with a cumulative capacity to cater to 1,100 people at any one time. The chain has more than 120 restaurants outside the United States, and expects to double the figure by 2017. “We look forward to expanding the Johnny Rockets footprint in the UAE and Oman,” said Amitava Ghosal, a partner at Al Masah Capital and director of Diamond Lifestyle. Simi Nehra, the head of mergers and acquisitions for the consultancy KPMG said the appetite for food and beverage deals has strengthened in the past two quarters, a trend expected to continue for the foreseeable future. “One key factor is that currently food and beverage brand aggregators, who bring international brands to the UAE, are finding it more and more challenging to introduce new unique concepts to the region, hence growth for existing food and beverage operations must come organically or through mergers and acquisitions,” he said. In the Middle East and North Africa region, mergers and acquisitions are expected to grow 10 per cent this year despite the decline in oil prices, according to the consultancy EY. A majority of such transactions are expected to take place in sectors such as food and beverages. Abu Dhabi-based Gulf Capital expects to complete four to six acquisitions this year in the health care, retail, food and education sectors. In February, the German ecommerce company Rocket Internet acquired the Kuwait-based online food delivery services provider Talabat for €150m (Dh618.3m). Another online food delivery player, Foodpanda, in which Rocket Internet has an investment, acquired UAE-based 24h.ae for an undisclosed amount. Dubai is expected to attract 8 per cent more tourists, reaching 14.3 million international visitors this year, making it the fourth most popular destination in the world among 132 cities, according to a MasterCard Global Destination Cities Index, released this month. Another 1,600 food and beverage outlets could open by 2019 in the UAE and the sector will grow an average of 4 per cent annually over the next four years, according to a report from KPMG also this month. About 66 per cent people are estimated to eat dinner out at least once during the week, spending about Dh120 per person, it said. Among popular outlets are casual dining restaurants, fast food and food courts, the KPMG report added the KPMG report added. ssahoo@thenational.ae

Johnny Rockets is a private American restaurant chain founded in 1986. The chain currently operates more than 340 locations worldwide. Sun Capital Partners Inc. acquired the chain from in June of 2013 for more than $100 million.

Johnny Rockets is a private American restaurant chain founded in 1986. The chain currently operates more than 340 locations worldwide. Sun Capital Partners Inc. acquired the chain from in June of 2013 for more than $100 million.

BOCA RATON, Fla.--(BUSINESS WIRE)--Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that one of its affiliates has acquired Boston Market Corporation (“Boston Market”), a non-core business unit of McDonald’s Corporation (NYSE:MCD). Terms of the acquisition were not disclosed. Effective immediately, Richard K. "Rick" Arras has been appointed president and CEO of Boston Market replacing Michael Andres who will be leaving the Company to return to McDonald's Corporation. Mr. Arras most recently served as president, CEO, and partner of Wi-Tenn Restaurants, L.L.C., a franchise developer and operator of O'Charley's Restaurants. Prior to Wi-Tenn Restaurants, he has held a number of senior leadership roles including president and CEO of Shoney's Restaurants and president and COO of Cracker Barrel Old Country Stores (NASDAQ - GS:CRBL). He began his career as a management trainee with Perkins Family Restaurants in 1979, and from 1988 to 1998, he served as Perkins’ president and COO. Arras received a Bachelor of Science degree from the United States Military Academy at West Point and served as a commissioned officer in the U.S. Army for six years. While at Perkins, he received a Masters of Business Administration from Memphis State University. Gary M. Talarico, Managing Director, said, “We are pleased to announce the appointment of Rick Arras as Boston Market’s new president and CEO. Rick brings the right mix of leadership skills and experience to Boston Market given his 28-years of service in executive management in the family dining segment of the restaurant industry.” Talarico, added, “We are excited about Boston Market’s growth opportunities in its unique niche as a healthy meal replacement alternative for active and working families. Leveraging its strong brand name and reputation for quality food, we also see significant growth potential in frozen foods through the Company’s relationship with H.J. Heinz Company (NYSE:HNZ) and prepared foods sold through grocery stores, two business segments that have enjoyed double digit growth in the past several years." Rick Arras, newly-appointed President and CEO of Boston Market Corporation, commented, “I am very pleased to have joined Boston Market at this exciting point in its evolution and to partner with Sun Capital Partners, a financial sponsor with deep operating experience in the restaurant industry. As a stand-alone entity, Boston Market will be able to pursue its own strategic objectives and focus on expanding its national network of stores, while maintaining superlative customer service, and new product offerings. I am looking forward to the challenge and to working with our management team as we move Boston Market to the next level of performance.” About Boston Market Corporation Headquartered in Golden, Colorado, Boston Market Corporation, which operates approximately 600 restaurants in 28 states, is a leader in the fast-casual restaurant category, providing time-pressed consumers with great-tasting, convenient meals. Boston Market serves rotisserie chicken, ham, meat loaf, and turkey, as well as side dishes such as mashed potatoes, macaroni and cheese, and stuffing. The chain utilizes a cafeteria-style serving line and seating for dining in, as well as drive-through and carry-out service. Partnering with leading supermarket chains, Boston Market offers restaurant-quality, branded meals to shoppers that enjoy the one-stop convenience of purchasing ready-to-heat meals at the same time they do their grocery shopping. For more information, please visit www.bostonmarket.com. About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 165 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com. Contacts Sun Capital Partners, Inc., Boca Raton Michael B. Fieldstone, Principal, 212-588-9156 www.SunCapPart.com