Focus Brands franchisee Fresh Dining Concepts, which includes Auntie Anne's and Cinnabon among its locations, has received $44m to grow its 160-store portfolio in the US
Focus Brand’s largest franchisee group has received a $44m investment to grow its 160-strong portfolio | Photo credit: Cinnabon
Focus Brand’s largest franchisee group, Fresh Dining Concepts, has received a $44m investment to grow its 160-strong hospitality brand portfolio, which includes branches of Auntie Anne's, Cinnabon and Jamba.
Fresh Dining Concepts said the investment by Franchise Equity Partners, which now holds a minority stake in the company, will be used to accelerate an ‘aggressive growth strategy’.
The Miami-based franchisee owns approximately 160 Auntie Anne's, Carvel, Cinnabon and Jamba locations across the US. Since April 2021, Fresh Dining Concepts has added more than 100 locations, primarily through six acquisitions, and recently agreed to develop 10 co-branded Auntie Anne’s and Cinnabon locations in New York City over the next four years.
“This new funding is a major milestone in furthering our aggressive growth strategy. In the last year, we’ve pursued our plans and added more than 100 units to our portfolio. We feel like the team at Franchise Equity Partners and our organisation share a lot of the same perspective, making this a perfect fit. The fresh line of funding provides a pathway to build our franchise collection with additional high-performing concepts, while diversifying even further,” said Luis San Miguel, CEO, Fresh Dining Concepts.
Franchise Equity Partners launched in November 2021 with an initial target portfolio size of $1bn to partner with successful owner operators across the US franchising sector. Fresh Dining Concepts represents the company’s second investment.
Focus Brands is the franchisor and operator of more than 6,400 restaurants, cafés, ice cream shops, and bakeries in the US and over 55 foreign countries under the Auntie Anne's, Carvel, Cinnabon, Jamba, Moe's Southwest Grill, McAlister's Deli and Schlotzsky's brands.