Red Mango Raises $12 Million

Red Mango, a Los Angeles-based operator of frozen yogurt shops, has raised $12 million in Series A funding. CIC Partners was joined on the deal by John Antioco, former CEO of Blockbuster, Taco Bell and Circle K. Antioco will serve as Red Mango's chairman.

 

PRESS RELEASE

Red Mango, the wildly popular authentic frozen yogurt concept that has become one of the most exciting new franchises in the United States, today announced a $12 million Series A investment led by veteran retail executive John Antioco, and CIC Partners, a leading private equity firm based in Dallas, Texas. Red Mango will use this investment to further develop its brand, optimize its store concept and complete its world-class management team.

 

“We were very selective in choosing an investment partner who shared our passion for creating delicious and nutritious desserts for people who want to eat well and look good,” said Dan Kim, the company's president & CEO who founded Red Mango in the U.S. “I'm very pleased that John and CIC have partnered with us, and believe Red Mango will benefit significantly from their expertise in brand management and retail operations, and their proven reputation for helping fast-growing businesses achieve greater levels of success.”

 

The investment brings an impressive group of credited industry professionals to the Red Mango team. John Antioco will serve as chairman of Red Mango's Board of Directors. Antioco previously served as chairman and CEO of Blockbuster, Taco Bell, and Circle K, as well as senior vice president of operations for 7-Eleven. In addition, Jean Birch will serve as Red Mango's chief operating officer. Birch was formerly president of Macaroni Grill and Corner Bakery Cafe. Jim Notarnicola, former chief marketing officer at Blockbuster and 7-Eleven, will become Red Mango's chief marketing officer.

 

“Red Mango has achieved spectacular growth over the past year, and continues to impress us with extremely strong customer appeal and solid unit-level economics. We look forward to helping Red Mango build upon its early success,” said John Antioco. “CIC invests in concepts that combine high quality products, significant growth prospects, and top notch management. Red Mango has all of these ingredients in great measure,” added Fouad Bashour, partner at CIC.

 

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 energy, food, retail and healthcare with combined revenue of more than $4 billion. Representative retail investments include Ace Cash Express, Don Pablos, Furr's, Main Street Restaurant Group, Quiznos, and Restoration Hardware. CIC's experienced leadership team actively guides and supports portfolio companies and invests significant personal capital to align all stakeholders. For more information, please visit http://www.cicpartners.com.

 

About Red Mango:

 

Founded in 2002, Red Mango is the leading brand of authentic frozen yogurt in South Korea, and has become one of the most popular and fastest growing retail concepts in the United States. Red Mango opened its first U.S. store last July in Los Angeles and has since celebrated 32 store openings in California, New York, Illinois, Washington, Oregon, Utah, and Nevada. 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. Red Mango stores are stylish, comfortable and uplifting destinations where active and health-conscious people can create the perfect all-day dessert. For more information about Red Mango, please visit http://www.redmangousa.com.