WALLINGFORD, Conn. - April 24, 2017 // PRNewswire // - Edible Arrangements® founder and CEO Tariq Farid announced today that he has completed a buyback of equity of the company which had been held by Greenwich, Conn., private equity firm L Catterton.
Terms of the transaction were not disclosed.
Edible Arrangements® entered into a strategic partnership with L Catterton in June of 2012. Farid said the relationship provided assistance during a key growth phase for the brand, a time in which Edible Arrangements® expanded into offering fresh fruit smoothies, froyo fruit blends, chocolates and more.
"I truly appreciate the support and guidance from L Catterton over the past five years," Farid said. "As a result of our partnership, Edible Arrangements® finds itself well-positioned for a future that includes exciting new opportunities for our franchises and the brand. The timing was right to take back full ownership so that I could be more fully engaged in building the future of the brand with our franchisees."
Over the past few years Edible Arrangements® has successfully launched a systemwide conversion of traditional Edible Arrangements® stores to a "whole-store" experience in the Edible To Go® platform, featuring fresh fruit smoothies, froyo fruit blends™ and other fresh fruit treats. The company is coming off a year in which it registered a 27 percent increase over the previous year in both the number of new store openings and signings of new franchise agreements.
Since its founding in 1999 in East Haven, Conn., the company has grown to more than 1,300 locations worldwide and has been recognized as an industry leader, ranking first in its category in Entrepreneur magazine's annual "Franchise 500," named in Entrepreneur's Top 40 of "Fastest Growing Franchises" and "America's Top Global Franchises" as well as being included among the "Inc. 5000" list of the fastest growing privately-held companies.
Farid said that he has worked closely with the company's President, Rob Price, to craft a number of new multi-year growth initiatives that will build on Edible Arrangements' brand promise to WOW its guests and franchisees.
"This is an exciting time to be a part of Edible Arrangements®," Farid said. "At heart we are really a family of small businesses that have enjoyed incredible growth through a shared passion and willingness to work together towards common goals. Now we can focus all our energy on working together on the next evolution of the Edible Arrangements® brand."
With more than 1,300 franchise locations open or under development worldwide, Edible Arrangements International, LLC is the world's largest franchisor of shops offering creatively designed fresh cut fruit arrangements. Edible Arrangements® store locations also carry the company's rapidly expanding Edible To Go® line which features all natural, fresh fruit smoothies, chocolate Dipped Fruit™, Froyo Fruit Blends™, fresh fruit salads, parfaits, and treats. Since its founding in 1999 in East Haven, Conn., the company has been recognized as an industry leader, ranking first in its category in Entrepreneur magazine's annual "Franchise 500," Entrepreneur's Top 40 of "Fastest Growing Franchises" and "America's Top Global Franchises" as well as being included among the "Inc. 5000" list of the fastest growing privately-held companies. Edible Arrangements®' fresh fruit arrangements, chocolate Dipped Fruit™, fresh fruit smoothies, and more can be enjoyed at franchise locations worldwide. Gifts can be ordered online at edible.com, by phone at 1-877-DO-FRUIT®, or through any local Edible Arrangements® store.
EDIBLE ARRANGEMENTS®, EDIBLE® and other trademarks noted are registered trademarks of Edible Arrangements, LLC.
SOURCE Edible Arrangements