NexCen Eats Pretzel Time
Mrs. Fields To Focus on Cookies, Not Pretzels
NexCen Brands, Inc., franchisor of MaggieMoos and Marble Slab Creamery, has acquired Pretzel Time and PretzelMaker from Mrs. Fields Famous Brands for a combined purchase price of $29.4 million ($22.1 million cash + NexCen Common stock valued at approximately $7.3 million). As of June 30, 2007 Pretzel Time had 327 franchised or licensed locations in the U.S. and 49 international locations.
Commenting on the Acquisition:
NexCen President and CEO Robert W. D'Loren said: "Pretzel Time and Pretzelmaker are representative of the types of acquisition opportunities that NexCen has targeted to grow our QSR vertical and to increase sales in our existing ice cream concepts. Our business model is based upon leveraging synergistic relationships between our brands to deliver value to our stakeholders. The addition of these companies to our QSR portfolio provides NexCen with an additional 376 doors for the delivery of quality branded products, and broadens our franchise offering for interested franchise investors".
Stephen Russo, President and Chief Executive Officer of Mrs. Fields, added: NexCen Brands' acquisition of Pretzel Time and Pretzelmaker will enable Mrs. Fields to focus on our core business strategy, with the comfort and confidence that NexCen's franchise model will continue to build these brands. We'll be exploring opportunities to invest in our remaining brand portfolio in accordance with our indenture requirements."