Einstein Bros. Bagels Announces Signing Of Franchise Development Agreement
Experienced Businessmen Plan to Open Three Restaurants in Lubbock
LAKEWOOD, Colo. – Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL) is pleased to announce the signing of a multi-unit development agreement with Bluebonnet Hospitality Management to franchise Einstein Bros.® Bagels restaurants and continue to expand the popular brand.
Based in Lubbock, Texas, Bluebonnet Hospitality Management plans to open three Einstein Bros. restaurants in and around the city within the next three years. Subodh and Mahesh Patel, brothers and graduates of Lubbock's Texas Tech University, own Bluebonnet Hospitality Management and have resided in the area for many years. They are experienced franchise entrepreneurs, owning and operating several hotels in the Lubbock area.
"The craveable food and comfortable atmosphere of the popular Einstein Bros. brand fit in well with the neighborhood," said Subodh Patel. "I am pleased that we are planning to bring its neighborhood friendly atmosphere and variety of great tasting menu items with high-quality ingredients and quick casual service to the residents of Lubbock."
As the franchised restaurants open their doors, neighbors and guests in Lubbock will be able to fill their breakfast, lunch and snack cravings with Einstein Bros. Bagels' menu, featuring award-winning, freshly baked bagels and shmear varieties, made-to-order breakfast and lunch sandwiches, Darn Good Coffeeïƒ¢ and specialty coffee drinks, hearty soups, fresh innovative salads, baked goods and decadent desserts.
"Subodh and Mahesh are astute businessmen with strong ties to Lubbock," said Paul Carolan, senior vice president of franchising and licensing with Einstein Noah Restaurant Group. "We are very excited to have them join the Einstein Bros. family."
Jeff O'Neill, chief executive officer and president of Einstein Noah Restaurant Group, added, "We believe that adding aggressive growth-ready franchise partners such as Subodh and Mahesh is a sign that we are attracting high quality investors and moving one step closer to achieving our vision of becoming the fastest growing fast casual restaurant chain in North America."
Since late 2007, when Einstein Noah Restaurant Group began to franchise the Einstein Bros. brand, the company has signed 10 multi-unit franchise agreements. The first two franchise locations opened in Jacksonville, Fla., and Rogers, Ark., in 2008 and three more have opened across the country in 2009. Growth in Texas will continue its steady pace with the recent five-store development agreement signed in Houston and the opening of two franchised stores, one in Tyler and the other in San Antonio before the end of this year,
"Our franchise and licensing efforts are a key component of Einstein Noah Restaurant Group's growth strategy," added O'Neill. "Demand for the brand is building, and we intend to see that we expand with the right franchise partners who can grow aggressively and execute our brand strategies at the highest level."
About Einstein Noah Restaurant Group
Einstein Noah Restaurant Group, Inc. is a leading company in the quick casual restaurant industry that operates and licenses locations primarily under the Einstein Bros. and Noah's New York Bagels brands and primarily franchises locations under the Manhattan Bagel brand. The company's retail system consists of approximately 600 restaurants in 36 states and the District of Columbia. It also operates a dough production facility. The company's stock is traded on the NASDAQ under the symbol BAGL.
Forward looking statements
Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "estimate," "project," "plan to," "is designed to," "expectations," "intend," "indications," "expect," "should," "would," "believe," "target," "trend," "will be able," "is going to be," "is slated to," "will play" and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the actual results or achievements to differ from those expressed or implied by such forward-looking statements. These factors include but are not limited to the following: the ability of Bluebonnet Hospitality Management to build, open and successfully run Einstein Bros. locations is dependent upon, among other factors, its ability to find suitable locations, reach acceptable lease terms, obtain acceptable financing, have adequate capital, find acceptable contractors, obtain licenses and permits, locate and train staff appropriately and properly manage the new restaurants. These and other risks are more fully discussed in the Company's SEC filings.
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