Shane's Rib Shack and Planet Smoothie Acquired by Management and Edmonds Capital, LLC
Both Brands Will Be Operated by Newly Formed Petrus Brands, Inc.
ATLANTA, GA--(Marketwire) - Edmonds Capital, LLC announces today that it is teaming with the management teams of Shane's Rib Shack, a national rib shack and barbecue concept founded by Shane Thompson in 2002, and Planet Smoothie, a national smoothie concept founded by Martin Sprock in 1995, to purchase each of the businesses. Both companies will retain their management teams and will operate under the holding company of Petrus Brands, Inc. in Atlanta, GA. In addition, founder Shane Thompson becomes president of Shane's Rib Shack and Chris Morocco, who has been the chief development officer for both brands, becomes the new CEO of Petrus Brands. Arlington Capital Advisors acted as exclusive financial advisor to Shane's Rib Shack and Planet Smoothie in the transaction.
"We feel strongly about the long-term potential of these two distinct brands," explains Rice Edmonds, who has been actively involved in other restaurant companies such as McCormick & Schmick's, California Pizza Kitchen, Il Fornaio and Real Mex Restaurants over his career. "Shane and Stacey Thompson created Shane's because they had an incredible passion for serving great food with outstanding service. In addition, they believed that a large part of their restaurant's role was to be active participants in the local community, which they have been over the last six years. This combination of quality food, service and community involvement is what makes the 'Original Shack' special and is what we want to replicate throughout the Shane's system -- and we will over time with this management team leading the charge."
Edmonds continues, "In addition, we see a bright future in the growth of the smoothie category as people continue to trend towards a healthier lifestyle. Planet Smoothie is an innovative brand with extremely loyal customers and it has incredible growth potential through menu innovation and development."
Shane's and Planet Smoothie bring together a seasoned management team with depth from brands like Chick-fil-A and Krispy Kreme. Additionally, Shane Thompson will take on a management role as president of Shane's Rib Shack. "We believe Shane's involvement will be critical in the success of the brand as he will oversee consistency in store operations and most importantly, the food, as well as the culture he built at the 'Original Shack' that he will continue to own and manage," concludes Edmonds.
"The Shane's Rib Shack brand has grown very fast over the last few years under Raving Brands," explains Shane Thompson, who founded Shane's after leaving his corporate job to pursue what he calls the 'American Dream.' "We have created a tremendous foundation, a strong management team, a collaborative and rewarding partnership with The Coca-Cola Company, and now we are gaining a partner in Edmonds Capital that has had tangible success with developing successful brands while maintaining existing culture."
According to Chris Morocco, CEO of the newly-formed Petrus Brands, "We are extremely thankful for Arlington Capital Advisors, who led the acquisition process. Arlington has been a tremendous partner in connecting Shane's Rib Shack and Planet Smoothie with investors that are a natural extension of our culture. They recognized the value and potential of the Shane's and Planet Smoothie brands, and exhibited tremendous care and dedication in finding the right investment partner for our brands. It is now time for Petrus Brands to leverage our assets, maximize our strengths and eliminate our weaknesses. We look forward to working with the experienced team at Edmonds Capital to strengthen and grow both brands."
About Shane's Rib Shack
Shane's Rib Shack is a true American rib shack, known for its slow-cooked baby back ribs, hand-chopped chicken and pork, and many southern sides to compliment each plate. The original shack was founded in 2002, in rural McDonough, Ga. by Shane Thompson, who started the restaurant with his grandfather's secret BBQ sauce. Since becoming a franchised restaurant in 2004, Shane's Rib Shack has grown to become the country's fastest growing fast-casual barbecue concept. Shane's Rib Shack was selected as #20 on the Fast Casual Movers and Shakers list of 2008, highlighting the very best of the Fast Casual industry's over 600 restaurants. Shane's Rib Shack currently operates more than 80 locations.
About Planet Smoothie
Planet Smoothie is among the top three smoothie concepts in the country, serving real fruit smoothies infused with vitamins and nutrients for active, occasion-driven consumers. In 2007, Planet Smoothie was recognized by Restaurant Business as a "Future 50" concept, one of the fastest growing up and coming concepts in the country. Planet Smoothie was named one of the "Sweet 16" in the 2008 Fast Casual Movers and Shakers list as a brand that sets itself apart in the dessert, beverage and yogurt category. Planet Smoothie currently operates more than 125 locations.
About Edmonds Capital Fund I, LLC
Edmonds Capital, LLC was founded by Rice Edmonds in 2008 to invest in businesses with a long-term perspective. Until October of 2008, Mr. Edmonds was a Managing Director at Bruckmann, Rosser, Sherrill & Co., a NY based private equity group with approximately $1.2 billion under management. BRS is widely known as one of the largest and most successful restaurant investors, and Mr. Edmonds has been involved with other restaurant companies such as McCormick and Schmick's, California Pizza Kitchen, Il Fornaio and Real Mex Restaurants, Inc. Mr. Edmonds joined BRS in 1996. Previously, he worked in the high yield finance group of Bankers Trust. Mr. Edmonds is currently on the board of directors at McCormick & Schmick's Restaurant Corporation (publically traded), Town Sports International, Inc. (publically traded), The Sheridan Group, Inc., and Wilson Farms, Inc.
About Arlington Capital Advisors
Arlington Capital Advisors is a boutique advisory/consulting firm which specializes in advising middle-market clients on merger & acquisition transactions, divestitures, management buyouts, recapitalizations and other corporate finance matters. Arlington and its principals have extensive experience in multi-unit retail and restaurant transactions and have led and advised on transactions with total enterprise values in excess of $1 billion.
Arlington Capital Advisors is an affiliate of Arlington Partners®, one of the nation's leading multi-client family offices, offering a full array of investment management and family office services to its clients. Headquartered in Birmingham, Alabama, Arlington Partners also has offices in Portsmouth, New Hampshire and New York City, New York.
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