New York City-based frozen yogurt chain 16 Handles has been acquired by company franchisee Neil Hershman and YouTube star Danny Duncan for an undisclosed amount, the company announced Tuesday. Hershman and Duncan — will become CEO and chief creative officer, respectively, effective immediately — plan to expand the 30-unit brand aggressively beyond the TriState area surrounding New York.
"I came to New York City in my 20s and started 16 Handles as part of my lifelong dream and passion to create my own brand and build it into something great,” 16 Handles founder Solomon Choi said in a statement. “Today, I see this same desire and fire in Neil as a successful franchisee who will now take over the direction of this iconic New York City dessert brand. I want to see 16 Handles grow and evolve, and Neil has the right mindset to set lofty goals and put the right plan together, which is exactly the type of leadership the brand needs."
Hershman currently owns five 16 Handles locations, including a brand-new Times Square location, and recently opened Dippin’ Dots’ first-ever ice cream store in New York City’s Flatiron District, and has since opened more locations in Manhattan and Brooklyn. Hershman also recently opened Captain Cookie & the Milkman, a Washington, D.C.-based cookie and ice cream company.
"16 Handles is a beloved brand in the New York region and there is so much potential for it to dominate in countless other markets across the country,” Hershman said in a statement. “Our leadership team has experience owning and operating our store locations, which gives us unparalleled insight into our products, business model and customers.”
Duncan is planning to open his first 16 Handles location in his hometown of Englewood, Fla. and the duo is looking for franchisees to take the brand national.
“With the new ownership, 16 Handles has both the benefits of an established business, having decade old stores with continued revenue increases year over year, and a startup, with the ability to test and launch innovative ideas and partnerships quickly and efficiently,” Hershman added.
Contact Joanna at [email protected]
Find her on Twitter: @JoannaFantozzi
