Pearl Street Acquires Famous Brands International Franchising
Pearl Street Equity LLC and its affiliates has acquired Famous Brands International franchising business, the parent company of two internationally renowned brands, Mrs. Fields and TCBY. Financial terms of the transaction were not disclosed.
The acquisition aligns with the recent appointment of Joe Lewis as president and chief operating officer of Famous Brands Franchising. Lewis has over 25 years of leadership experience at high-growth retail and food and beverage franchisor organizations, including notable names such as Smoothie King, Twist Brands, and Smalls Sliders.
Lewis will continue to lead the Famous Brands Franchising growth strategy and pursue opportunities to expand the global reach of two iconic brands, Mrs. Fields and TCBY, in both domestic and international markets.
“We are thrilled about this new chapter for Famous Brands Franchising as a stand-alone company and are confident Pearl Street is the ideal strategic partner for the future,” Lewis said. “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.”
Pearl Street continues to invest in and partner with companies demonstrating immense growth potential and vision for industry leadership. By adding Famous Brands Franchising to its portfolio, Pearl Street is reinforcing its commitment to supporting companies with the potential to have significant impact in their respective markets.
Famous Brands International is the parent company that owns and manages two category defining, iconic brands: Mrs. Fields and TCBY. The company markets and distributes its products such as cookies, frozen yogurt, brownies, berries and cakes, through its franchise stores. Serving millions of loyal customers around the world, Famous Brands maintains a presence in the United States, Canada, Australia, Hong Kong, Morocco, Panama, Taiwan and the Bahamas with over 350 franchised locations.
The company is leveraging the category leading brand awareness of its iconic brands to pursue growth in both domestic and international markets. Famous Brands is headquartered in Salt Lake City.
Pearl Street is a New York-based, single-family office. Pearl Street and affiliates have investments in venture capital, public and private equity, real estate and credit strategies.
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