Family office with a sweet tooth buys TCBY and Mrs. Fields
Pearl Street Equity, the family office of investor James Zenni, acquired dessert retail chains TCBY and Mrs. Fields from Z Capital, an investment firm led by Zenni.
The two chains have more than 350 franchises around the world, including the U.S., Canada, Australia, Hong Kong, Morocco and the Bahamas.
The chains have struggled for a long time, with TCBY once boasting more than 3,000 retail locations and Mrs. Fields 530. Mrs. Fields declared bankruptcy in 2008 and avoided going through the process again a few years later before being snapped up by The Carlyle Group and Z Capital.
“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,” said Joe Lewis, president and COO of Famous Brands, which operates both chains.