Twin Hospitality Group franchises and operates two casual dining restaurant chains: Twin Peaks and Smokey Bones. Twin Peaks is a sports bar and lodge-themed casual dining concept built around made-from-scratch food, draft beer served at 29 degrees, and wall-to-wall TV sports coverage. Each location features 60-100 TVs and an all-female waitstaff. As of year-end 2024, there are 115 Twin Peaks locations — 34 company-owned, 74 domestic franchised, and 7 franchised in Mexico — generating $573M in system-wide sales. Smokey Bones is a meat-centric casual dining chain with 55 company-owned locations focused on slow-smoked and fire-grilled proteins; Twin Hospitality plans to convert roughly half of Smokey Bones locations into Twin Peaks restaurants, using conversions as a faster and cheaper path to expansion than new builds. Twin Hospitality makes money two ways: running company-owned restaurants and franchising the Twin Peaks brand. Company-owned restaurant profitability is driven by traffic, average check size (~$23 per person), and a high-margin beverage program. The franchise model collects a 5% royalty on franchisee gross sales, with lower capital intensity and higher margins than company-owned operations. Twin Hospitality's long-term goal is to shift toward a 75-80% franchised Twin Peaks mix. The company has over 100 signed franchise commitments and sees long-term potential for 650+ U.S. Twin Peaks locations and 250 internationally, vs. 115 today.