MoatScopeTwin Hospitality Group Inc.TWNPQ
Carve-out from FAT Brands Inc. (FAT) · Delisted · distributed Jan 29, 2025 · Nasdaq
partial distribution: about 5% of Twin Hospitality's Class A shares (2,659,412 shares) to FAT Brands common holders; FAT Brands retained the rest
Documents
Both companies today
No longer trades as an independent company.
Not in MoatScope's coverage yet — numbers appear once the shares trade and the first filings land.
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Twin Hospitality Group owns the Twin Peaks sports-lodge restaurant brand and Smokey Bones Bar & Fire Grill — 172 restaurants at the time of the filing, 114 of them franchised or company-owned Twin Peaks. FAT Brands distributed only about 5% of the Class A stock and kept the balance, so this is a partial separation rather than a full spin-off.
Stated rationaleFAT Brands listed Twin Hospitality to establish a public market value for its largest brand and to create a currency for the franchise's growth and its own deleveraging.
The four questions
Indiscriminate selling
AbsentManagement incentives
AbsentThe hidden jewel
AbsentLeverage
StrongThe write-up
FAT Brands listed Twin Hospitality Group on January 29, 2025 by distributing 2,659,412 Class A shares — about 5% of the company — to its common stockholders and keeping the rest. Twin Hospitality owned the Twin Peaks sports-lodge restaurant brand and Smokey Bones, 172 restaurants at the time of the filing, 114 of them Twin Peaks. On January 27, 2026 both FAT Brands and Twin Hospitality filed for Chapter 11; the shares now trade as FATAQ and TWNPQ, the latter at $0.01. On MoatScope's framework Twin Hospitality carries no moat rating and a quality score of zero.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.