News
Fat Brands hires financial expert to help deleverage balance sheet
Name: Jordan Chirico
New title: Executive Vice President and Head of Debt Capital Markets, Fat Brands
Previous title: Portfolio Manager, 3|5|2 Capital
Chirico has nearly 20 years of experience working on Wall Street. He spent the first half of his career working in structured finance at Bank of America, Robert W. Baird and Credit Suisse, according to the press release. announcing his appointment. In 2012, he moved into asset management at Baird when he became a managing director, according to your LinkedIn profile. He also worked in portfolio management at Brigade Capital Management and, most recently, at 3|5|2 Capital.
In his new role, Chirico will focus on Fat’s balance sheet, including “its $1.2 billion portfolio of whole-business securitizations, additional acquisition financings, preferred stock and other debt-related strategies,” the press release said. He will work on refinancing existing debt, new debt issuance and leverage reduction, the company said in an email to Restaurant Dive.
“FAT Brands is uniquely positioned to continue its growth trajectory and Jordan’s experience will be beneficial as we look to strengthen our balance sheet and be efficient in our financing,” said Rob Rosen, co-CEO of Fat Brands in the press release.
The company’s debt has grown to over $1 billion as a result of a series of acquisitions starting in 2019. Among the companies it acquired are Global Franchise Group, Twin peaks, From Fazoli, Johnny Rockets, Nestlé Toll House Coffee It is Smoky bones. As part of its strategy to deleverage its portfolioFat is planning to spin off Twin Peaks through an IPO. He confidentially filed a registration statement in May to make the Twin Peaks and Smokey Bones operating units a separate public company from Fat Brands.