Famous Brands International said on Monday that Z Capital Partners, the company’s largest shareholder, has acquired the remaining minority ownership stake of Famous Brands from The Carlyle Group. As a result of this purchase, Z Capital is now the sole owner of Famous Brands. No financial terms were disclosed. Also, Neal Courtney was named CEO of Famous Brands and joins the company’s board of directors. Based in Broomfield, Colorado, Famous Brands is the parent company of TCBY Yogurt and Mrs. Fields Cookies.
BROOMFIELD, Colo., July 1, 2013 /PRNewswire/ — Famous Brands International (“Famous Brands” or the “Company”), the parent company of TCBY Yogurt and Mrs. Fields Cookies, today announced that Z Capital Partners, the Company’s largest shareholder, has acquired the remaining minority ownership stake of Famous Brands from The Carlyle Group. As a result of this transaction, Z Capital is now the sole owner of Famous Brands.
Concurrent with this transaction, the Company also announced several changes to its Board of Directors. Specifically, James J. Zenni, President and Chief Executive Officer of Z Capital, has been named Chairman of the Board and Homi Patel, Operating Partner at Z Capital and former Chairman, President and CEO of Hartmarx Corporation, has been appointed to the Famous Brands Board. The Company is currently in the process of evaluating candidates who will support the value and direction of the organization to fill the vacant seats. As announced earlier today, Neal Courtney was named Chief Executive Officer of Famous Brands as well as appointed to the Famous Brands Board of Directors.
“We are thrilled to announce the acquisition of Carlyle’s minority stake of Famous Brands,” said Mr. Zenni. “The Company has made great strides over the past several years in developing a strong foundation for growth and success. We are committed to aggressively supporting the business globally to build on the momentum it has gained and help it become more successful in the future. We are confident that, with Neal Courtney and his experience leading our talented management team, Famous Brands will continue to grow these two iconic brands and realize tremendous expansion across all of its global channels.”
About Famous Brands
Mrs. Fields Cookies:
Based in Broomfield, CO, Mrs. Fields Famous Brands, LLC dba Famous Brands International is the parent company to Mrs. Fields. Debbi Fields opened her first store in Palo Alto, California in 1977 and the Mrs. Fields name quickly became associated with warm, freshly baked cookies right out of the oven.
Today, Mrs. Fields products are available at over 300 retail locations in the United States, nearly 100 locations internationally and online through http://www.mrsfields.com or by calling 1.800.COOKIES.
For more information on Mrs. Fields please visit http://www.mrsfields.com.
Based in Broomfield, CO, TCBY, The Country’s Best Yogurt, has been a frozen yogurt innovator from the day its first shop opened in Little Rock, Arkansas in 1981. With more than 650 locations in the United States and internationally, TCBY has long been a healthier alternative for consumers looking for a treat or snack. To learn more check out www.TCBY.com.