Pinkberry Announces New Growth Capital As Well As International And National Expansion Agreements
Frozen yogurt leader raises over $9 million of new capital from current and new investors; expands brand with powerful partnerships
May 01, 2009 // Franchising.com // LOS ANGELES - Pinkberry announced today two significant milestones - over $9 million of new funding from both current and new investors as well as global and national expansion agreements. Pinkberry has signed its first global expansion agreement with M.H. Alshaya Co., a leading international operator to expand the brand into the Middle East. In addition, Pinkberry is fueling its domestic expansion via a partnership with HMSHost as well as additional expansion in Northern California.
"Raising capital and forming partnerships of this caliber in the face of a tough economy are significant milestones," said Ron Graves, Pinkberry CEO. "Our current as well as new investors have reiterated their confidence in Pinkberry and provided funding that will continue to fuel our growth."
Pinkberry has partnered with the M.H. Alshaya Co. to open 35 stores in nine countries throughout the Middle East. "Pinkberry has international consumer appeal and strong global brand potential," explains Graves. "We are grateful to have the Alshaya Group as a partner - they are clearly recognized as a leader in international, multi-unit operations with a very impressive brand portfolio." Alshaya operates leading global brands such as H&M, Starbucks, Dean & Deluca, Top Shop, and Le Pain Quotidien among many others.
"Alshaya is proud to be Pinkberry's first partner to take the brand internationally. We think the product, the brand and the management team are exceptional and we're looking forward to a very successful partnership," said Mohammed Alshaya, Executive Chairman of M.H. Alshaya Co.
Pinkberry also announced three new partnerships focused on domestic expansion, including HMSHost, a leading retail operator of specialty travel venues operating in more than 80 percent of U.S. airports, which will open their first Pinkberry store at Los Angeles International Airport (LAX) in Terminal 1. In addition, Pinkberry announced they will develop a minimum of 30 stores in the San Francisco Bay Area and Sacramento market following the successful recent opening of its Bay Area flagship store at Santana Row in San Jose, Calif.
Pinkberry is the most talked about, great tasting, premium frozen yogurt and the company that reinvented the U.S. frozen yogurt category in West Hollywood, Calif., in January 2005. Inspired by European gelato, America's ice cream pastime, and pop culture from around the world, Pinkberry provides a social experience that indulges the senses. Part of a healthier snacking routine, Pinkberry's distinctive flavors are expertly crafted to complement its daily fresh-cut fruit and premium toppings and offer an irresistibly tangy, incomparably refreshing taste. Pinkberry is certified by the National Yogurt Association and carries the Live & Active Cultures Seal.