ATLANTA--(BUSINESS WIRE)--FOCUS Brands, an Atlanta-based franchisor and affiliate of Roark Capital, announced today that certain of its subsidiaries have completed the previously announced purchase of substantially all of the assets of Moe’s Southwest Grill, a fast-casual restaurant chain with 360 locations in 34 states and the District of Columbia, from Raving Brands. Recently ranked in Restaurant Hospitality magazine as one of the “Top Ten Growth Chains That Sizzle,” Moe’s offers fresh Southwest favorites, including burritos, quesadillas, and fajitas in a fun, family-oriented atmosphere.
With the addition of its second center-of-the-plate concept in the last nine months, FOCUS Brands now has five franchise brands generating over $1 billion in annual system-wide revenues through over 10,000 points of distribution in 50 states and 32 countries. Moe’s joins sister companies Carvel Ice Cream (acquired in 2001), Cinnabon (2004), Seattle’s Best Coffee International (2004), and Schlotzsky’s (2006).
“We’re happy to welcome Moe’s into the FOCUS Brands family,” says FOCUS Brands President and CEO Steve Romaniello. “This is a great brand with a bright future and tremendous growth prospects, and we look forward to the exciting days ahead.”
Raving Brands President Stephen M. LaMastra adds, “The Moe’s brand, our franchisees, and our associates are excited about their new ownership. It was the ideal time for Raving Brands to pursue a partner that can take Moe’s to the next level, both domestically and internationally, and FOCUS Brands is the ideal partner for this great brand and system.”
Further terms of the agreement were not disclosed.
About FOCUS Brands
FOCUS Brands Inc. is the franchisor and operator of over 2,100 ice cream stores, bakeries, restaurants, and cafes in the United States, the District of Columbia, Puerto Rico, and 32 foreign countries under the brand names Carvel®, Cinnabon®, Schlotzsky’s®, Moe’s Southwest Grill®, and the franchisor of Seattle’s Best Coffee® on military bases and in certain international markets. Based in Atlanta, the primary objective of FOCUS Brands is to “FOCUS on making people happy.” Please visit www.focusbrands.com to learn more.
Moe’s Southwest Grill is the neighborhood burrito place offering flavorful Southwestern fare with a healthy twist. With over 360 locations across the country, Moe’s Southwest Grill serves only the freshest ingredients prepared right before your eyes, including the Homewrecker burrito, the Billy Barou nachos, and the Closetalker salad, in a fun and welcoming atmosphere. Founded in 2000, Atlanta-based Moe’s Southwest Grill is ranked the #1 fast-casual chain based on change in system-wide sales according to QSR Magazine and the #2 fast-casual chain under 300 units in 2006. For more information, visit www.moes.com.
About Roark Capital
Roark Capital Group is an Atlanta-based private equity firm that acquires majority positions in franchise, direct marketing, financial services, niche manufacturing, and service businesses. The firm, with $1.1 billion of equity capital under management, specializes in companies with attractive growth prospects and revenues ranging from $20 million to $1 billion. Roark Capital has acquired 12 franchise brands representing more than 12,000 points of distribution, 3,700 locations, 1,900 franchisees and $2.6 billion in system-wide revenues in 50 US states and 34 countries. Moe’s represents the seventh investment made in Roark’s current fund raised in March 2005. For more information, please visit www.roarkcapital.com.
About Raving Brands
Raving Brands is a franchise portfolio of fast growing restaurant and family entertainment concepts. Its flagship brands include Planet Smoothie, a Restaurant Business “Future 50” concept, and Shane’s Rib Shack. Collectively, Raving Brands expects to have more than 500 locations domestically and internationally in five years. For additional information on the company and its concepts, visit www.ravingbrands.com.