LOS ANGELES, Aug. 12 /PRNewswire/ -- Red Mango, the wildly popular
authentic frozen yogurt concept that has become one of the most exciting
new franchises in the United States, today announced a $12 million Series A
investment led by veteran retail executive John Antioco, and CIC Partners,
a leading private equity firm based in Dallas, Texas. Red Mango will use
this investment to further develop its brand, optimize its store concept
and complete its world-class management team.
"We were very selective in choosing an investment partner who shared
our passion for creating delicious and nutritious desserts for people who
want to eat well and look good," said Dan Kim, the company's president &
CEO who founded Red Mango in the U.S. "I'm very pleased that John and CIC
have partnered with us, and believe Red Mango will benefit significantly
from their expertise in brand management and retail operations, and their
proven reputation for helping fast-growing businesses achieve greater
levels of success."
The investment brings an impressive group of credited industry
professionals to the Red Mango team. John Antioco will serve as chairman of
Red Mango's Board of Directors. Antioco previously served as chairman and
CEO of Blockbuster, Taco Bell, and Circle K, as well as senior vice
president of operations for 7-Eleven. In addition, Jean Birch will serve as
Red Mango's chief operating officer. Birch was formerly president of
Macaroni Grill and Corner Bakery Cafe. Jim Notarnicola, former chief
marketing officer at Blockbuster and 7-Eleven, will become Red Mango's
chief marketing officer.
"Red Mango has achieved spectacular growth over the past year, and
continues to impress us with extremely strong customer appeal and solid
unit-level economics. We look forward to helping Red Mango build upon its
early success," said John Antioco. "CIC invests in concepts that combine
high quality products, significant growth prospects, and top notch
management. Red Mango has all of these ingredients in great measure," added
Fouad Bashour, partner at CIC.
About CIC Partners:
CIC Partners is dedicated to helping the companies it invests in
prosper and grow. As one of America's premier mid-market private equity
firms, CIC Partners has successfully invested in more than 40 companies in
industries including energy, food, retail and healthcare with combined
revenue of more than $4 billion. Representative retail investments include
Ace Cash Express, Don Pablos, Furr's, Main Street Restaurant Group,
Quiznos, and Restoration Hardware. CIC's experienced leadership team
actively guides and supports portfolio companies and invests significant
personal capital to align all stakeholders. For more information, please
visit http://www.cicpartners.com.
About Red Mango:
Founded in 2002, Red Mango is the leading brand of authentic frozen
yogurt in South Korea, and has become one of the most popular and fastest
growing retail concepts in the United States. Red Mango opened its first
U.S. store last July in Los Angeles and has since celebrated 32 store
openings in California, New York, Illinois, Washington, Oregon, Utah, and
Nevada. Red Mango's most unique factor is its refreshingly tangy and
irresistibly delicious frozen yogurt that is all-natural, nonfat,
gluten-free, certified Kosher, and packed with beneficial live and active
cultures. Red Mango stores are stylish, comfortable and uplifting
destinations where active and health-conscious people can create the
perfect all-day dessert. For more information about Red Mango, please visit
http://www.redmangousa.com.
Contact:
Red Mango, Inc.
Elizabeth Berry
818-926-4402
eberry@redmangousa.com
SOURCE Red Mango
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Related links:
http://www.redmangousa.com
http://www.cicpartners.com
CONTACT:
Elizabeth Berry of Red Mango, Inc.,
+1-818-926-4402, eberry@redmangousa.com
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