Edible Arrangements®, Catterton Partners Announce Strategic Partnership
WALLINGFORD, Conn., June 22, 2012 /PRNewswire/ --Edible Arrangements® today announced a strategic partnership with Catterton Partners, the leading consumer-focused private equity firm, designed to help propel the pioneer in hand-sculpted, fresh-fruit arrangements through its next phase of growth.
The partnership includes a capital investment by Catterton Partners that will be used to support the expansion of the Edible Arrangements brand globally. Terms of the transaction were not disclosed.
In addition, Edible Arrangements founder and CEO Tariq Farid said that Catterton Partners brings significant resources in areas from strategy to customer relations to supply chain management, which will accelerate the company's ability to reach new levels of growth.
"We believe the partnership between Edible Arrangements and Catterton is a perfect fit," said Farid, President and Chief Executive Officer. "Our ability to leverage the deep background and extensive resources of Catterton will enable us to grow the Edible Arrangements brand and build upon the great success that our franchise partners and talented employees have allowed us to achieve already. This literally will take us to the next level in terms of business development.
"We have worked hard over the last 13 years to build a thriving concept with a unique, 'WOW-worthy' consumer experience we are proud of," Farid continued. "Catterton has a well-established track record of success in partnering with consumer brands, including those with a franchise model like ours. We look forward to working with the talented Catterton team and leveraging their financial and operational expertise to support our growth on multiple fronts. Together, we will work to establish Edible Arrangements as the global leader in our category, remaining focused on simply WOWing our customers."
Founded in 1999 by brothers Tariq and Kamran Farid, Edible Arrangements today has over 1,100 franchise locations open or under development worldwide. In 2011, the company opened 86 new stores, including ten locations internationally, and expects to open more than 100 new domestic and international units in 2012. The company has also achieved 11 consecutive years of comparative store sales increases.
There will be no changes in management at Edible Arrangements, which has received numerous accolades, including:
- Ranking first in its category in Entrepreneur Magazine's annual "Franchise 500" for the past five years
- Placing in Entrepreneur's top 40 of "Fastest Growing Franchises" and "America's Top Global Franchises"
- Winning the ICSC's 2010 Hot Retailer Award
- Ranking among Inc. Magazine's top 5,000 fastest-growing privately held companies for seven consecutive years
- Ranking ninth on Forbes' "2011 Top Franchises to Start for the Money"
- Being named one of Inc.'s "10 Promising Franchises for 2011"
"Edible Arrangements is one of the fastest-growing franchise operations in the U.S., capitalizing not only on the growth of special-occasion gifts, but also on the healthy food trend," said Scott Dahnke, Managing Partner of Catterton Partners. "With its unique offering, high-quality products and one-of-a-kind customer experience, backed by a strong franchise model and best-in-class management, Edible Arrangements has enjoyed tremendous success. We are delighted to partner with Tariq and his team and look forward to supporting the expansion of the Edible Arrangements concept worldwide."
Catterton's current retail investments include Restoration Hardware, Outback Steakhouse, Cheddar's, Noodles & Company, and Mid-Atlantic Convenience Stores (MACS); realized investments include Baja Fresh Mexican Grill, Build-A-Bear, P.F. Chang's China Bistro and Caribou Coffee. Catterton's current natural and healthy foods investments include O.N.E. (One Natural Experience), Van's Foods and YoCrunch; realized investments include Odwalla, Sweet Leaf Tea and Wellness Pet Food.
North Point Advisors LLC acted as financial advisor to Edible Arrangements in connection with the transaction.
About Edible Arrangements
With over 1100 locations open or under development worldwide, Edible Arrangements International, LLC is the leading purveyor of delicious, high quality, artistically designed, fresh fruit arrangements that are practical and healthy gifts and centerpieces for everyday occasions and events. Brothers Tariq and Kamran Farid developed and launched the company in 1999 in East Haven, CT, after many years in the floral industry. Edible Arrangements stores are located in the United States, Canada, Puerto Rico, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Italy, Turkey, Hong Kong, Jordan, Oman, India and China.
Customers may order arrangements by telephone at 1-877-DO-FRUIT, at one of the company's 1100+ retail stores, or on-line at ediblearrangements.com. More information about Edible Arrangements and Edible Arrangements franchise opportunities is available at 1-888-727-4258 or online at www.eafranchise.com. All franchise offerings are made only by Franchise Disclosure Document.
About Catterton Partners
With more than $2.5 billion currently under management and a twenty-three year track record of success in building high growth companies, Catterton Partners is the leading consumer-focused private equity firm. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market consumer industry. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton's investments include: Restoration Hardware, Cheddar's and Noodles restaurants, Frederic Fekkai, Build-A-Bear Workshop, Kettle Foods, Odwalla and P.F. Chang's China Bistro. More information about Catterton Partners can be found at http://www.cpequity.com.
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SOURCE Catterton Partners