(Bloomberg) -- Restaurant franchising company Fat Brands Inc. is planning to spin off its Twin Peaks sports bar business to unlock value for shareholders and boost its growth.

“It’s the largest brand we own by same source sales and it has significant growth opportunities,” Fat Brands founder and Chairman Andy Wiederhorn said in an interview.

Fat Brands, whose 17 brands also include Round Table Pizza and Fatburger, bought Twin Peaks in a $300 million transaction in 2021. Wiederhorn said Fat Brands is aiming to complete an initial public offering of Twin Peaks in six to 12 months, with the new company fetching a value of $750 million to $1 billion including debt.

Twin Peaks was founded in Texas in 2005 and is now in 26 states and Mexico. The company expects to end the year with 115 locations, an almost 40% increase from when the business was acquired by Fat Brands.

The Twin Peaks website beckons customers to experience a lodge “mantality,” which it says goes beyond a typical sports bar.

“Our lodge welcomes every guest with World Series walk offs and barrel-aged whiskey,” according to the website. “The second you step inside, you’re surrounded by a lodge full of friendly and attentive Twin Peaks Girls serving up scratch food and our signature 29° beers.”

The locations generate an annual net profit of about 15% to 20%, with those in Florida, for example, each accounting for about $9 million to $12 million a year in revenue, Wiederhorn said.

“From a Fat Brands perspective, this brand is a crown jewel,” he said. “There is a pent-up demand for restaurant IPOs.”

--With assistance from Crystal Tse.

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