Friendly's Ice Cream, LLC, Wilbraham Mass., announced that it finalized the sale of its retail ice cream and manufacturing business to Dean Foods Co., Dallas, Texas, for the amount of $155 million in cash. Both dairy processors announced the news back in May.
As of today, the restaurant organization will continue as FIC Restaurants, Inc., as it operates and franchises over 260 Friendly's restaurants offering signature ice cream sundaes and other treats in the eastern United States. FIC Restaurants is owned by an affiliate of Sun Capital Partners, Inc., Boca Raton, Fla. The existing senior restaurant management team will continue to lead the Friendly's restaurant business.
"This agreement is the result of 105% growth of our retail business over the past five years, as well as the successful repositioning of our restaurant business," says John Maguire, chief executive officer of FIC Restaurants. "Dean Foods possesses the growth capabilities and expertise to take the Friendly's retail ice cream business to the next level of its meteoric rise."
Led by its current retail and creamery teams, the Friendly's Ice Cream business, under the ownership of Dean Foods Co., will continue to operate out of the facility in Wilbraham, Mass.
"Friendly's restaurants have experienced tremendous growth in sales and guest traffic over the last 15 months; a direct result of the introduction of new and exciting menu items, compelling value propositions, the addition of drive-thru windows and extensive renovations to existing locations," adds Maguire.