Fat Patty's restaurant concept sold for $12.3 million

Clint Artrip, owner of Fat Patty's, confirmed Tuesday that ARC Group Inc., parent to the Dick's Wings & Grill casual-dining brand, has agreed to acquire the four-unit concept for $12.3 million."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."Jacksonville, Fla.-based ARC reported the Fat Patty's deal is expected to close on Friday, Aug. 31.ARC, formerly known as American Restaurants Concepts, said in a report by GlobeNewswire 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 GlobeNewswire."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.

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