CIC Partners has formed CIC Advantage Holdings, a new fund focused on growth capital opportunities in the multi-unit restaurant and retail concept spaces. It will be managed by former PepsiCo CEO Roger Enrico, former Blockbuster CEO John Antioco and CIC managing partner Mike Rawlings (former Pizza Hut president and current CEO of Legends Hospitality Management).
CIC Partners is pleased to announce the creation of CIC Advantage Holdings LLC, a new CIC fund geared toward making investments in multi-unit restaurant and retail concepts looking to maximize growth potential.
The fund will be managed by three of the most experienced names in retail and restaurants: John Antioco, former CEO of Blockbuster, Roger Enrico, former CEO of PepsiCo, Inc., and CIC Managing Partner Mike Rawlings, former President of Pizza Hut and current CEO of Legends Hospitality Management LLC. CIC Advantage Holdings will look to make significant investments in proven, early- stage retail and restaurant concepts, and in addition to capital, will provide hands-on growth strategy development and leadership from these three prominent former CEOs.
“CIC Advantage Holdings allows us to couple private equity and financial support with unparalleled retail and restaurant operating experience,” said CIC Managing Partner Mike Rawlings. “This positions us to add incredible value to early-stage concepts that demonstrate significant growth potential.”
“By leveraging the experience of CIC Partners’ investment history in restaurant and retail businesses, we believe that CIC Advantage will guide exceptional performance from our portfolio companies,” said CIC Operating Partner John Antioco, who will serve as Chairman and CEO of CIC Advantage Holdings.
CIC Advantage Holdings’ inaugural investment is a $12 million capital infusion in Red Mango, Inc. The all-natural, nonfat frozen yogurt chain is poised to be an industry trendsetter, and is led by Daniel J. Kim, who is a widely recognized pioneer of the tart variety of health conscious frozen yogurt in the U.S. Currently, Red Mango is the second-largest retail chain of its type, with over 40 stores across California, Hawaii, Illinois, Nevada, New Jersey, New York, Oregon, Utah and Washington. Under the direction of CIC Advantage Holdings and John Antioco as Chairman of Red Mango, the brand has plans to expand to over 400 locations over the next four years.
“CIC’s proven investment record and their ability to help Red Mango realize its full potential in the United States made them ideal partners,” said Red Mango CEO Daniel Kim. “CIC’s partner base includes experienced restaurant and retail industry insiders who serve as valuable advisors to Red Mango.”
About Red Mango
Founded in 2002 in South Korea, Red Mango has become one of the most popular and fastest growing retailers of authentic nonfat frozen yogurt in the United States. Red Mango opened its first U.S. store in July 2007 in Los Angeles and has since celebrated over 40 store openings in California, New York, Washington, Illinois, Hawaii, New Jersey, Nevada, Utah, and Oregon. Red Mango’s most unique factor is its refreshingly tangy and irresistibly delicious frozen yogurt that is all-natural, nonfat, gluten-free, certified Kosher, and packed with beneficial live and active cultures. For more information about Red Mango, please visit redmangousa.com.
About CIC Partners
CIC Partners is dedicated to helping the companies it invests in prosper and grow. As one of America’s premier mid-market private equity firms, CIC Partners has successfully invested in more than 40 companies in industries including food, retail, energy and healthcare with combined revenue of more than $4 billion. CIC’s experienced leadership team actively guides and supports their portfolio companies, and invests significant personal capital to align all stakeholders. As such, CIC has helped companies including CTI Foods, Quiznos, Restoration Hardware and Solacium Holdings realize their potential. For more information about CIC Partners, please visit www.cicpartners.com.