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FOR
IMMEDIATE RELEASE
Contact: Jennifer McLaughlin
Public Relations Director
FOCUS Brands
404-705-2046
jmclaughlin@focusbrands.com
Roark
Capital Group Completes Purchase of Cinnabon and Seattles
Best Coffee International; FOCUS Brands is Introduced
-- Creation of FOCUS Brands Inc. provides growth vehicle
for Roark Capitals food service franchises --
ATLANTA,
GA (November 4, 2004) Roark Capital Group, an Atlanta-based
private equity firm, announced today that its affiliate,
FOCUS Brands Inc., has completed the purchase of Cinnabon
and Seattles Best Coffee International from AFC Enterprises
for $21 million in cash, subject to customary closing adjustments.
The two brands combine with Carvel Corporation, a leading
provider of premium soft serve ice cream and ice cream cakes,
to form FOCUS Brands Inc.
The creation of FOCUS Brands allows Roark Capital Group
to accelerate the growth of its food service franchises
under the direction of one highly experienced leadership
team, said Neal Aronson, founder and managing partner of
Roark Capital Group.
Roark Capital Group purchased Carvel Corporation in November
2001 with the intent to grow the ice cream brand by reinvigorating
the products and retail environments of its franchises,
as well as expanding its supermarket distribution. Since
the acquisition, the franchise division has added over 150
new outlets (a 40% increase) while entering 17 new states.
Concurrently, Carvels supermarket distribution has added
over 2,600 new outlets (a 50% increase).
This is a very exciting day for our company as these three
brands come together under this new name and culture to
FOCUS on making our constituencies happy, commented Steve
Romaniello, FOCUS Brands president and CEO. Todays purchase
provides a variety of product and franchise offerings while
strategically positioning us for the addition of more brands.
FOCUS Brands SVP of Development Geoff Hill added, For the
last two years, Carvel has worked closely with Cinnabon
to develop seven successful co-branded locations. We will
now accelerate our co-brand plans, providing our current
and future franchisees the option to offer two of the treat
industrys most sought after products under one roof.
FOCUS Brands Chief Operating Officer Chris Prasifka will
oversee the integration of the three companies as they share
best practices among associates and franchisees.
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 www.roarkcapital.com.
About FOCUS Brands
FOCUS Brands Inc. is the franchisor and operator of over
1,200 ice cream stores, bakeries, and cafes in the United
States, the District of Columbia, Puerto Rico, and 37 foreign
countries under the brand names Carvel, Cinnabon, and
the franchisor of Seattles Best Coffee in Hawaii, on military
bases and internationally. FOCUS Brands primary objective
is to FOCUS on making its constituencies happy.
Seattles Best Coffee is a registered trademark of Seattles
Best Coffee, LLC.
Note to media: September 8, 2004 announced definitive agreement
with AFC Enterprises.
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