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Pearl Street Equity Acquires Famous Brands Franchising Business, Parent Company of Iconic Brands Mrs. Fields® and TCBY®

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Business to Pursue Expansion Opportunities in Both Domestic and International Markets

NEW YORK, October 26, 2023-- Pearl Street Equity LLC (or “Pearl Street”) and its affiliates today announced the successful acquisition of Famous Brands International franchising business (“Famous Brands Franchising”), the parent company of two internationally renowned brands, Mrs. Fields® and TCBY®. Financial terms of the transaction were not disclosed.

Headquartered in Salt Lake City, Utah, Famous Brands Franchising has consistently served millions of loyal customers around the world, maintaining a presence in various countries, including the U.S., Canada, Australia, Hong Kong, Morocco, Panama, Taiwan, and the Bahamas with more than 350 franchised locations. The acquisition aligns with the recent appointment of Joe Lewis as President and Chief Operating Officer of Famous Brands Franchising. Mr. Lewis boasts over 25 years of leadership experience at high-growth retail and food and beverage franchisor organizations, including notable names such as Smoothie King, Twist Brands, and Smalls Sliders. In his role, Mr. Lewis will continue to lead the Famous Brands Franchising growth strategy and pursue opportunities to expand the global reach of two iconic brands, Mrs. Fields® and TCBY®, in both domestic and international markets.

“We are thrilled about this new chapter for Famous Brands Franchising as a stand-alone company and are confident Pearl Street is the ideal strategic partner for the future,” Mr. Lewis said. “This transaction will take our franchisee support to the next level while enabling investment to grow both brands globally and bring our delicious products to more customers and families.”

Pearl Street continues to invest in and partner with companies demonstrating immense growth potential and vision for industry leadership. By adding Famous Brands Franchising to its portfolio, Pearl Street is reinforcing its commitment to supporting companies with the potential to have significant impact in their respective markets.

About Famous Brands International

Famous Brands International is the parent company that owns and manages two category defining, iconic brands: Mrs. Fields® and TCBY® (The Country’s Best Yogurt). The Company markets and distributes its products such as cookies, frozen yogurt, brownies, berries and cakes, through its franchise stores. Serving millions of loyal customers around the world, Famous Brands maintains a presence in the U.S., Canada, Australia, Hong Kong, Morocco, Panama, Taiwan and the Bahamas with over 350 franchised locations. The Company is currently leveraging the category leading brand awareness of its iconic brands to pursue growth in both domestic and international markets. Famous Brands is headquartered in Salt Lake City, Utah.

About Pearl Street Equity

Pearl Street Equity LLC (“Pearl Street”) is a New York-based single-family office. Pearl Street and affiliates have investments in venture capital, public and private equity, real estate and credit strategies. For more information, visit www.pearlstreetequity.com.

Contact:
Joele Frank, Wilkinson Brimmer Katcher
Tim Ragones / Kate Thompson / Erik Carlson
212-355-4449

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