ATLANTA, Sept. 8 /PRNewswire-FirstCall/ -- Roark Capital Group, an
Atlanta-based private equity firm, announced today that it has signed a
definitive agreement through its affiliate Focus Brands Inc. to acquire
Cinnabon, the world leader in the cinnamon roll bakery category, from AFC
Enterprises, Inc., as well as the franchising rights of Seattle's Best Coffee
in Hawaii, on military bases, and in 11 countries.
With 592 company operated and franchised bakeries located in 40 states,
the District of Columbia, Puerto Rico, and 26 other countries, Cinnabon
bakeries serve fresh, aromatic, oven-hot cinnamon rolls made with premium
Indonesian cinnamon and topped with a sweet cream cheese-based frosting, and
are traditionally located in high-traffic venues such as shopping malls,
airports, universities, casinos, amusement parks, military bases, train
stations and travel plazas. Seattle's Best Coffee International has 150
"Cinnabon and Seattle's Best Coffee are two highly recognized brands with
outstanding consumer appeal, making them perfect additions to our growing
portfolio," said Neal Aronson, founder and managing partner of Roark Capital
Cinnabon and Seattle's Best Coffee will be added to Carvel Corporation,
Roark Capital Group's first food company acquired in November 2001.
Considered the nation's first retail ice cream franchise, Carvel is a leading
provider of premium soft serve ice cream and ice cream cakes. Carvel
President and CEO Steve Romaniello will also oversee these two new brands.
"All three of these dynamic brands have experienced steady growth over the
last few years," commented Romaniello. "We have come to know, understand, and
respect Cinnabon and Seattle's Best Coffee through past relationships, and
look forward to bringing all three brands together to make our franchise
offerings even more attractive."
Further terms of the agreement were not disclosed. The transaction is
expected to close during the fourth quarter of 2004.
About Roark Capital Group
Roark Capital Group is an Atlanta-based private equity firm that acquires
majority stakes in franchise, consumer branded, packaging, niche
manufacturing, and service businesses. The firm targets family-owned
businesses, assets or divisions of large companies, and going-private
transactions of micro-cap public companies. For more information, please
visit http://www.roarkcapital.com .
About AFC Enterprises
AFC Enterprises, Inc. is the franchisor and operator of 4,087 restaurants,
bakeries and cafes as of July 11, 2004, in the United States, Puerto Rico and
38 foreign countries under the brand names Popeyes(R) Chicken & Biscuits,
Church's Chicken(TM) and Cinnabon(R), and the franchisor of Seattle's Best
Coffee(R) in Hawaii, on military bases and internationally. AFC's primary
objective is to be the world's Franchisor of Choice(R) by offering investment
opportunities in highly recognizable brands and exceptional franchisee support
systems and services. AFC Enterprises had system-wide sales of approximately
$2.6 billion in 2003 and can be found on the World Wide Web
at http://www.afce.com .
The nation's first retail ice cream franchise, Carvel has become one of
the best-loved and most recognized names in its industry. The 70-year old
company is the leading manufacturer of uniquely shaped ice cream cakes,
including its signature Fudgie the Whale and Cookie Puss cakes, as well as a
leading provider of premium soft serve and hand dipped ice cream products.
Carvel currently operates more than 475 franchised and food service locations
and sells its famous ice cream cakes through over 7,500 supermarkets outlets.
The Company is based in Atlanta, GA with its supermarket headquarters in Rocky
Hill, CT. For more information, visit http://www.carvel.com .
Seattle's Best Coffee(R) is a registered trademark of Seattle's Best
SOURCE Roark Capital Group