Pearl Street Equity and its associated entities have completed the acquisition of Famous Brands International, a U.S.-based franchising company that owns well-known American brands, including Mrs. Fields and The Country’s Best Yoghurt (TCBY).
The financial terms and any other specifics of this transaction have not been made public by the companies.
Famous Brands International, headquartered in Utah, is the proprietor of over 350 franchised establishments and a diverse portfolio of international brands.
Pearl Street Equity completes acquisition of Famous Brands International!
The company has a global presence, with operations spanning across numerous countries, such as Hong Kong, Canada, the Bahamas, Australia, Taiwan, Morocco, and Panama.
This acquisition follows the appointment of Joe Lewis as the President and Chief Operating Officer (COO) of Famous Brands Franchising.
With close to 25 years of experience, Lewis has a strong background in working with retail, food, and beverage franchisor organizations, including Twist Brands, Smoothie King, and Smalls Sliders.
In his role as the new President and COO, Lewis will spearhead the efforts to advance Famous Brands Franchising’s growth strategy.
Additionally, he will assist the company in pursuing fresh opportunities to broaden its presence, which may involve introducing Mrs. Fields and TCBY into both domestic and international markets.
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Lewis said, “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.
“This transaction will take our franchisee support to the next level while enabling the investment to grow both the brands globally and bring our delicious products to more customers and families.”
Based in New York, Pearl Street and affiliates have investments primarily in venture capital, real estate, credit strategies and public and private equity.
