ATLANTA Multiconcept franchisor Raving Brands said Thursday it has shed two more of its concepts with the sale of Shane's Rib Shack and Planet Smoothie to private-equity firm Edmonds Capital LLC and the brands’ management teams.
Both Shane’s, an 80-unit fast-casual barbecue chain, and Planet Smoothie, a 125-unit quick-service smoothie concept, will operate under the newly created holding company of Petrus Brands Inc., based in Atlanta. Other details of the deal, including the purchase price, were not disclosed.
Shane Thompson, founder of Shane’s Rib Shack, has been named president of that chain, and Bret Eldridge, previously vice president of Shane’s, has been named president of Planet Smoothie. Chris Morocco, chief development officer for both brands, has been tapped as the new chief executive of Petrus.
Atlanta-based Raving Brands, which once boasted nine concepts in its portfolio, has sold several over the past 18 months, including Moe’s Southwest Grill, Mama Fu’s Noodle House and PJ’s Coffee.
The company said it would continue to operate the eight-unit Flying Biscuit chain, the eight-unit Boneheads Grilled Fish & Piri Piri Chicken chain, the 12-unit Doc Green’s Gourmet Salads & Grill chain, and the 32-unit Monkey Joe’s Parties and Play entertainment center chain. Raving Brands said it also would continue to hold the international franchise rights for Mama Fu’s, Boneheads Grilled Fish & Piri Piri Chicken, Doc Green’s Gourmet Salads & Grill, and PJ’s coffee.
