OKLAHOMA CITY - November 21, 2013 - (BUSINESS WIRE) - Orange Leaf Frozen Yogurt announced today a partnership with Paresh Patel, a New Jersey-based pharmacist and pharmacy owner, who signed a multi-unit development agreement with the frozen yogurt company. Paresh will build two stores in 2014 with a total of six stores in the state by 2017. The agreement ultimately opens up opportunities for up to 30 Orange Leaf locales statewide. Paresh plans to use his initial stores to help promote franchising opportunities throughout New Jersey.
"My late father was a very successful businessman and I still follow his teachings. He believed that if you can commit and give a business your all for 1,000 days, then it will be a success"
Paresh opened Galaxy Pharmacy in Guttenberg, N.J. in 1995 as a recent graduate of St. John’s University, Long Island, NY. He went on to open two more pharmacies. For the past 18 years, his Galaxy Pharmacy stores have remained competitive, even with the influx of chain pharmacies and big box retailers as competition.
"My late father was a very successful businessman and I still follow his teachings. He believed that if you can commit and give a business your all for 1,000 days, then it will be a success," said Paresh. "Orange Leaf provides a more personable environment than my previous ventures, but ultimately, I chose Orange Leaf because I believe in the brand, the product and the company. This is something my family and I will look forward to working on well past the first 1,000 days."
Orange Leaf's New Jersey plans are part of its overall aggressive growth plans for the U.S. and internationally. The company has 93 stores under construction and 331 committed to open based on signed contracts, doubling the store count from more than 300 stores to more than 600 stores in the next few years. The company is also actively exploring international franchise partnerships in Canada, Asia, the Middle East and South America. In addition, private equity firms have increasingly approached Orange Leaf indicating there’s a lot of appetite to capitalize on the growth of the frozen dessert category.
Currently Orange Leaf has more than 180 franchisees and is adding new ones continually with almost 70 percent of stores currently under construction being built by existing franchisees. Compared to its peers, Orange Leaf's up-front franchise fees are roughly half to a third the cost and about half of what competitors charge for ongoing royalty fees. Orange Leaf combines an experienced franchise sales organization and compelling unit economics with a commissary model to drive a strong profitability profile and scale.
"Orange Leaf has had significant success and considerable expansion throughout several states in the Northeast including Massachusetts, New York and New Hampshire," said Reese Travis, CEO of Orange Leaf Frozen Yogurt. "With a proven business leader like Paresh at the helm, we are confident that New Jersey will have similar success."
The frozen dessert industry is one of the fastest growing franchised food and beverage segments and is expected to bring $6.6 billion in revenue annually in the U.S. according to a 2013 Technomic report. Flavor and product innovation, new distribution channels and new store prototypes are core components of Orange Leaf’s business strategy.
Oklahoma City-based Orange Leaf Frozen Yogurt is a self-serve, choose-your-own-toppings frozen dessert chain with approximately 325 locations in the U.S. and Australia. Ranked as one of the fastest growing limited service chains by Technomic and one of the top three new franchises for 2013 by Entrepreneur, Orange Leaf’s pro-franchisee culture encourages owners to become a part of their communities and provides them with the necessary ingredients for success. Orange Leaf offers a multitude of delicious traditional and original flavors, including no-sugar-added, gluten-free and dairy-free alternatives. Customized with a generous selection of do-it-yourself toppings, Orange Leaf provides an innocent indulgence, self-served in a stimulating atmosphere. For more information and franchise opportunities, visit our website, like Orange Leaf Yogurt on Facebook, or follow us on Twitter, Instagram or Pinterest.