NEW YORK: Pearl Street Equity LLC, a New York-based single-family office, has announced the acquisition of Famous Brands International franchising business, the parent company of two popular brands, Mrs. Fields® and TCBY® (The Country’s Best Yogurt). The financial terms of the deal were not disclosed.
Famous Brands Franchising, headquartered in Salt Lake City, Utah, operates more than 350 franchised locations of Mrs. Fields® and TCBY® in various countries around the world.
The company recently appointed Joe Lewis as its President and Chief Operating Officer. Mr. Lewis has over 25 years of experience in leading retail and food and beverage franchisor organizations.
Mr. Lewis said that he was excited about the new chapter for Famous Brands Franchising as a stand-alone company and that Pearl Street was the ideal strategic partner for the future. He added that the transaction would enhance the franchisee support and enable investment to grow both brands globally.
Pearl Street is a firm that invests in and partners with companies that have 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 that can have significant impact in their respective markets.