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NexCen, which has been in the news for some time for getting into deep financial difficulty over an accelerated-redemption payment connected with its acquisition of the Great American Cookies, announced yesterday that it has made a deal to sell all of its franchises to a private-equity firm affiliate which has significant experience in franchise management. The brands being sold are Great American Cookies, MaggieMoo's, Marble Slab Creamery, Pretzelmaker, Pretzel Time, TAF (The Athlete's Foot) and Shoebox New York. The buyer is Global Franchise Group LLC, an affiliate of private-equity firm Levine Leichtman Capital Partners (LLCP).
Ken Hall, NexCen Brands CEO, said,
"We believe that this agreement with an affiliate of LLCP, a firm with a proven track record of success in franchise management and extensive capital resources, represents the most favorable option for all of our stakeholders. We are pleased that we have entered into an agreement that provides an opportunity to achieve value for all stakeholders. We firmly believe that being a portfolio company of LLCP will provide our brands and franchisees with a new platform for growth and give our dedicated employees the opportunity to continue to manage and build these businesses."