Lake City-based Famous Brands Franchising is the parent company of Mrs. Fields and TCBY. Terms of the deal were not disclosed.
The acquisition comes on the heels of Joe Lewis’ appointment as president and chief operating officer of Famous Brands Franchising. Lewis has over 25 years of experience in the retail and food and beverage sectors, including with brands like Smoothie King, Twist Brands, and Smalls Sliders. In his new role, he will lead the company’s franchising growth with a goal of expanding its global reach.
“We are thrilled about this new chapter for Famous Brands Franchising as a standalone company and are confident Pearl Street is the ideal strategic partner for the future,” Lewis said in a statement. “This transaction will take our franchisee support to the next level while enabling investment to grow both brands globally and bring our delicious products to more customers and families.”
Famous Brands’ current footprint includes more than 350 franchised locations in the U.S., Canada, Australia, Hong Kong, Morocco, Panama, Taiwan, and the Bahamas. According to Technomic Ignite data, TCBY’s domestic unit count was around 170 locations last year, with about $42.5 million in sales.
Pearl Street and its affiliates have investments in venture capital, public and private equity, commercial real estate, credit strategies, and technology.
This acquisition comes as overall mergers and acquisitions activity has been a bit challenged in the space because of inflation and higher interest rates. Still, there have been a few major M&A headlines, including Darden’s $715 million Ruth’s Chris deal in May, Fat Brands’ $30 million acquisition of Smokey Bones, Bain Capital’s acquisition of Fogo de Chão, and, of course, Roark Capital Group’s deal to buy Subway.
Contact Alicia Kelso at [email protected]
