SHERMAN OAKS Calif. The Red Mango USA frozen yogurt chain is moving its corporate headquarters from the Los Angeles area to Dallas in July.
Company officials say the move will bring corporate executives — including Dan Kim, president and chief executive — closer to the private-equity firm CIC Partners, which invested about $12 million in the fro-yo concept last year through subsidiary CIC Advantage Holdings of Dallas and now holds majority ownership.
Headed by industry veteran John Antioco, former chief executive of Blockbuster Inc. who also served previously as an executive at Taco Bell and 7-Eleven, CIC is based in Dallas, where Red Mango also recently established its franchising base.
Red Mango's move to Dallas will takes its headquarters away from the crowded pool of tart frozen yogurt providers in Southern California, where brands such as the 73-unit arch rival Pinkberry, the 42-unit self-service Yogurtland and others were born.
Earlier this year, Red Mango named James Franks vice president of franchising for the 48-unit chain. The company also announced an aggressive franchising growth plan that includes 550 new locations over the next five years, initially focusing on the New York area and Dallas.
On Tuesday, Red Mango announced the opening of its first store in Indiana, bringing the chain's unit count to 50. The Indianapolis location is the fourth for franchisee John Park, who recently signed a multi-state development agreement to open 75 Red Mango stores in Indiana, Illinois, Kansas, Missouri, Tennessee and Wisconsin.
The chain currently has units in California, New York, Washington, Illinois, Indiana, Hawaii, New Jersey, Nevada and Utah, about three-quarters of which are franchise owned. The first Red Mango store in Dallas is scheduled to open later this year.
Contact Lisa Jennings at [email protected].
