Twin Hospitality Group Inc. Announces New Leadership and Strategic Update for Smokey Bones
Twin Hospitality Group (NASDAQ: TWNP) has appointed Ken Brendemihl as President of Smokey Bones, bringing over 25 years of restaurant leadership experience to the role. The company announced strategic updates for the BBQ chain, including the conversion of 19 restaurants into Twin Peaks lodges, with two completed conversions showing significantly higher average unit volumes of $7.8 million compared to $3.5 million as Smokey Bones.
The company is closing 15 underperforming locations and eliminating $1.5 million in corporate overhead. The remaining 26 Smokey Bones locations are generating positive cash flow, contributing approximately $3.0 million to total EBITDA on a trailing 12-month basis. Twin Hospitality plans to leverage FAT Brands' franchise model to create a more balanced corporate-to-franchise mix for future growth.
Twin Hospitality Group (NASDAQ: TWNP) ha nominato Ken Brendemihl presidente di Smokey Bones, portando oltre 25 anni di esperienza nella gestione di ristoranti. L’azienda ha annunciato aggiornamenti strategici per la catena BBQ, tra cui la conversione di 19 ristoranti in lodge Twin Peaks: due conversioni completate mostrano volumi medi per unità significativamente più alti, pari a $7,8 milioni rispetto a $3,5 milioni come Smokey Bones.
La società chiuderà 15 locali sottoperformanti e eliminerà $1,5 milioni di costi aziendali. Le restanti 26 sedi di Smokey Bones generano flusso di cassa positivo, contribuendo circa $3,0 milioni all’EBITDA totale su base trailing 12 mesi. Twin Hospitality intende sfruttare il modello franchising di FAT Brands per raggiungere un mix più bilanciato tra corporate e franchise in vista della crescita futura.
Twin Hospitality Group (NASDAQ: TWNP) ha nombrado a Ken Brendemihl presidente de Smokey Bones, aportando más de 25 años de experiencia en dirección de restaurantes. La compañía anunció cambios estratégicos para la cadena BBQ, incluida la conversión de 19 restaurantes en lodges Twin Peaks; dos conversiones ya completadas muestran volúmenes medios por unidad mucho más altos, de $7,8 millones frente a $3,5 millones como Smokey Bones.
La empresa cerrará 15 ubicaciones con bajo rendimiento y eliminará $1,5 millones en gastos corporativos. Las 26 ubicaciones restantes de Smokey Bones generan flujo de caja positivo, aportando aproximadamente $3,0 millones al EBITDA total en los últimos 12 meses. Twin Hospitality planea aprovechar el modelo de franquicia de FAT Brands para lograr una mezcla más equilibrada entre corporativo y franquicia para el crecimiento futuro.
Twin Hospitality Group (NASDAQ: TWNP)가 Ken Brendemihl을 Smokey Bones의 사장으로 임명했습니다. 그는 레스토랑 경영에서 25년 이상의 경험을 보유하고 있습니다. 회사는 BBQ 체인에 대한 전략적 업데이트를 발표했으며, 그중 19개 레스토랑을 Twin Peaks 로지로 전환할 계획입니다. 이미 완료된 두 곳의 전환 매장은 Smokey Bones일 때의 $3.5M에 비해 평균 단위 매출이 $7.8M로 훨씬 높게 나타났습니다.
회사는 성과가 좋지 않은 15개 지점을 폐쇄하고 기업 간접비를 $1.5M 절감할 예정입니다. 나머지 26개 Smokey Bones 지점은 현금흐름이 긍정적이며, 지난 12개월 기준 총 EBITDA에 약 $3.0M 기여하고 있습니다. Twin Hospitality는 향후 성장을 위해 FAT Brands의 프랜차이즈 모델을 활용해 법인 대 가맹점 비중을 보다 균형 있게 조정할 계획입니다.
Twin Hospitality Group (NASDAQ: TWNP) a nommé Ken Brendemihl président de Smokey Bones, apportant plus de 25 ans d’expérience dans la direction de restaurants. La société a annoncé des ajustements stratégiques pour la chaîne BBQ, notamment la conversion de 19 restaurants en lodges Twin Peaks : deux conversions achevées affichent des volumes moyens par unité nettement supérieurs, à 7,8 M$ contre 3,5 M$ en tant que Smokey Bones.
L’entreprise fermera 15 sites sous-performants et supprimera 1,5 M$ de frais administratifs. Les 26 sites Smokey Bones restants génèrent un flux de trésorerie positif, contribuant environ 3,0 M$ à l’EBITDA total sur les 12 derniers mois. Twin Hospitality prévoit de s’appuyer sur le modèle de franchise de FAT Brands pour obtenir un mix plus équilibré entre sociétés et franchisés en vue d’une croissance future.
Twin Hospitality Group (NASDAQ: TWNP) hat Ken Brendemihl zum President von Smokey Bones ernannt. Er bringt über 25 Jahre Führungserfahrung in der Gastronomie mit. Das Unternehmen kündigte strategische Maßnahmen für die BBQ-Kette an, darunter die Umwandlung von 19 Restaurants in Twin Peaks Lodges; zwei abgeschlossene Umwandlungen weisen deutlich höhere durchschnittliche Umsätze pro Einheit von $7,8 Millionen gegenüber $3,5 Millionen als Smokey Bones auf.
Das Unternehmen schließt 15 leistungsschwache Standorte und streicht $1,5 Millionen an Verwaltungskosten. Die verbleibenden 26 Smokey Bones-Standorte erzielen einen positiven Cashflow und tragen auf Basis der letzten 12 Monate mit rund $3,0 Millionen zum Gesamt-EBITDA bei. Twin Hospitality plant, das Franchise-Modell von FAT Brands zu nutzen, um ein ausgewogeneres Verhältnis von Konzern- zu Franchise-Betrieben für künftiges Wachstum zu schaffen.
- Two converted locations show 123% higher AUVs ($7.8M vs $3.5M)
- Elimination of $1.5M in corporate overhead to enhance EBITDA
- Remaining 26 locations generate positive cash flow with $3.0M EBITDA contribution
- Strategic expansion through franchising model to drive growth
- Closure of 15 underperforming Smokey Bones locations
- Significant reduction in store count from 60 to 26 units
- Wide variance in unit performance with AUVs ranging from $1.3M to $7.1M
Insights
Twin Hospitality is strategically streamlining Smokey Bones, converting better locations to higher-performing Twin Peaks while franchising remaining profitable units.
Twin Hospitality's strategic overhaul of Smokey Bones reveals a calculated portfolio optimization approach under new president Ken Brendemihl. The company has identified three distinct pathways for the 60-unit BBQ chain acquired from FAT Brands: converting 19 prime locations to Twin Peaks lodges, closing 15 underperforming units, and maintaining 26 profitable locations.
The economics behind these decisions are compelling. The Twin Peaks conversions generate approximately
Closing underperforming locations and eliminating
The pivot to FAT Brands' franchise model for remaining Smokey Bones locations represents an asset-light strategy that will improve capital efficiency while maintaining brand presence. Brendemihl's extensive multi-concept operational experience at diverse casual dining concepts positions him well to execute this nuanced approach of simultaneous brand optimization, selective conversion, and franchise development.
Award-Winning BBQ Chain Names Ken Brendemihl as President
Plantation, FL, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Smokey Bones, today announces the appointment of Ken Brendemihl as President of Smokey Bones, effective immediately, and a strategic update for the brand. Brendemihl has over 25 years of restaurant leadership experience, most recently as Chief Operating Officer of Alamo Drafthouse. Prior to that, he held key leadership roles at Velvet Taco, California Pizza Kitchen, Texas Roadhouse, and On the Border.
“Smokey Bones is a beloved brand that has amassed a loyal following over the years,” said Kim Boerema, CEO of Twin Hospitality Group. “Since joining Twin Hospitality, we have launched a full spending review across both brands to eliminate inefficiencies, uncover synergies, and refocus on high-return initiatives. I have also focused on reviewing the Smokey Bones portfolio, closing underperforming units, identifying strong candidates for conversion, and supporting profitable locations that will remain Smokey Bones. Ken will step in immediately bringing his deep operational expertise and proven track record to lead Smokey Bones into its next chapter.”
“I look forward to hitting the ground running as we embark on this transitional period that will set the foundation for Smokey Bones’ long-term success,” said Ken Brendemihl, President of Smokey Bones.
Smokey Bones was acquired as a 60-unit concept by FAT Brands Inc. (Nasdaq: FAT) in 2023 and was subsequently spun off into Twin Hospitality in January 2025. Twin Hospitality has prioritized optimizing Smokey Bones’ footprint, identifying 19 restaurants for conversion into better-performing Twin Peaks lodges. Two of these conversions have already been completed and generate significantly higher average unit volumes (AUVs) of approximately
Twin Hospitality has identified 15 underperforming Smokey Bones locations, of which ten have been closed and five will be closed before the end of the fiscal third quarter. The closure of these locations, coupled with the removal of approximately
The remaining portfolio of 26 Smokey Bones locations are generating positive cash flow and contributed approximately
For more information on Smokey Bones, visit www.smokeybones.com.
Twin Hospitality Group Inc.
Twin Hospitality Group Inc. is a restaurant company that strategically develops and operates specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands. For more information, visit https://ir.twinpeaksrestaurant.com/.
About Smokey Bones
The ‘Masters of Meat,’ Smokey Bones is a full-service restaurant delivering great barbecue, award-winning ribs, crave-worthy cocktails, and memorable moments. Smokey Bones serves lunch, dinner, and late night every day. Smokey Bones also has a full bar featuring a variety of bourbons and whiskeys; a selection of domestic, import, and local craft beers; and signature, handcrafted cocktails.
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. Forward-looking statements reflect the expectations of management 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 are filed from time to time by Twin Hospitality Group Inc. with the Securities and Exchange Commission, such as its Registration Statement on Form 10 and 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.
Investor Relations:
ICR
Michelle Michalski
ir@twinpeaksrestaurant.com
Media Relations:
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
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FAQ
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