Twin Peaks Plans 19 More Restaurants
Twin Peaks Restaurants today announced the company has signed multiple development deals that will result in 19 new restaurants, including its first locations in Indiana. The development agreements also expand the company's presence in Arizona, Louisiana, and Texas.
In addition, Twin Peaks’ annualized average restaurant volumes are at a record high of $4.3 million, based on trailing 12-week un-audited sales for all Twin Peaks Restaurants ending March 25, 2012. This is an increase of more than $1 million over 2011.
The company has 20 restaurants open with plans to add 10 locations this year.
“This is an exciting time to be part of Twin Peaks,” says CEO Randy DeWitt. “These new development agreements set the table for outstanding future growth. Over the last few years we’ve refined our site selection process [and] enhanced our training programs, and, as a result, new restaurant sales volumes are tracking much higher than before.
“Our business model is getting better over time allowing us to target even higher quality real estate that seems to be out of reach by our competition. All of this good news is helping us attract the best management teams and franchise partners as well.”
The multi-unit development agreements include partnerships with new franchisees SBC Restaurants, LLC and AZ Peaks Restaurant Group, and extended agreements with current franchisees Avalanche Food Group and C & L Enterprises.
The recent signings include:
SBC Restaurants, LLC, signed an agreement to open five stores in the New Orleans area. The group includes Gary Solomon, an investment partner with more than 25 years experience who operates a venture capital group.
It also includes Kyle Brechtel, a managing partner with more than nine years experience with Brechtel Ventures, which operates McAlister’s Deli and Merchant Café in New Orleans.
Also in the group is Kyle Crochet, an operating partner with more than 18 years restaurant experience including six years with Brinker International, where he managed eight restaurants with $25 million in sales, and three years with McAlister’s where he oversaw nine stores.
AZ Peaks Restaurant Group will open four stores in Arizona. The group includes restaurant veteran Lee Cohn, co-developer of Ed Debevic’s with Rich Melman of Lettuce Entertain You Enterprises. Cohen has more than 38 years experience as a multi-unit operator and is a board member of Oregano’s Pizza Bistro, Mastro’s Restaurants, and Quaker Steak and Lube.
Also in the group is shopping center developer Jay Schneider, of Frontera Development, who has developed more than 20 million square feet of retail transactions, and will be responsible for site selection, lease negotiation, and real estate plans.
Also in the group are operating partner Andrew Bayless, who oversees operations for six Buffalo Wild Wings units; and operating partner Carolyn Vangelos, former general manger of California Pizza Kitchen and co-operating partner with Bayless for Buffalo Wild Wings. She will be responsible for operations, training, and recruitment.
Avalanche Food Group, which includes Twin Peaks Houston franchise owners and brothers Joe, Ricky, and John Rosa and close family friend, Andrew Thomas, who have extended their current Houston agreement for eight new locations. Recipients of Twin Peaks’ 2011 Franchise of the Year Award, the group has signed for five new stores in South Texas and three new restaurants in Indiana.
C & L Enterprises, Baton Rouge franchisees and local real estate developers Jim Clark and Cotton Lloyd extended their agreement for an additional Twin Peaks location in Baton Rouge and expanded their territory to include Lafayette, Louisiana.