Fat Patty’s restaurants sold for $12.3M to Fla. company
HUNTINGTON — A Florida-based restaurant company has agreed to acquire the Tri-State region’s four Fat Patty’s restaurants for $12.3 million with plans to expand the brand, Fat Patty’s owner Clint Artrip confirmed Tuesday.
Purchasing Fat Patty’s is the ARC Group Inc., parent company of the Dick’s Wings & Grill casual dining brand in several locations in Florida and Georgia. The company is based in Jacksonville, Florida.
“This sale presented the opportunity to expand on the Fat Patty’s concept and the ability to build more Fat Patty’s restaurants,” Artrip said in a telephone interview. “This is a wonderful opportunity for Fat Patty’s and something I could not have done myself.”
Artrip says there will be no changes to the four units in Huntington, Barboursville, Teays Valley and Ashland.
“I am staying on to manage these four units and we will still have the same wonderful managers and employees, so nothing’s changed here,” he said. “It will remain exactly the same.”
ARC reported the Fat Patty’s deal is expected to close Friday, Aug. 31. ARC, formerly known as American Restaurants Concepts, said in a report by Globe-Newswire that Fat Patty’s, which started in Huntington, has potential for franchising.
“We are very excited to acquire Fat Patty’s, a very successful franchise, which we believe will be a terrific addition to our portfolio of leading restaurant brands,” said Seenu Kasturi, ARC Group president and chief financial officer, in a statement reported by Globe-Newswire.
“We believe that we can significantly expand the Fat Patty’s franchise over time, while improving the profitability of its existing restaurants,” Kasturi said.
Fat Patty’s offers specialty burgers and sandwiches, wings, appetizers, salads, wraps and steak and chicken dinners in a casual dining environment. Each restaurant has a full bar and several large, flat-screen televisions.
ARC said Fat Patty’s had unaudited 2017 annual revenue of more than $11 million and $700,000 in net income. ARC reported about $4.4 million in 2017 revenue and $340,000 of net income.
ARC’s Dick’s Wings has 15 restaurants in Florida and five in Georgia. It also has three sports-venue concession stands.
The first Fat Patty’s opened its doors on 3rd Avenue near the Marshall University campus in August 2007 and opened additional locations in recent years in Barboursville and Teays Valley in West Virginia and Ashland, Kentucky. It expanded its Huntington location in 2016.
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