Pearl Street Equity and its affiliates have acquired the US-based franchising business Famous Brands International (Famous Brands Franchising), the parent company of US-based brands Mrs Fields and The Country Best Yoghurt (TCBY).

The companies have not disclosed the financial terms or any other details of this deal.  

Famous Brands International is a Utah-based company which owns and operates more than 350 franchised locations and various international brands.

The company is also present in several other countries, including Hong Kong, Canada, Bahamas, Australia, Taiwan, Morocco and Panama.

The transaction comes after Famous Brands Franchising appointed Joe Lewis as its president and chief operating officer (COO). 

Lewis has nearly 25 years of experience working with retail, food and beverage franchisor organisations such as Twist Brands, Smoothie King and Smalls Sliders.

As the new president and COO, Lewis will lead the work to support Famous Brands Franchising’s growth strategy.

He will also help the company pursue new opportunities to expand its footprint, including bringing Mrs Fields and TCBY into the domestic and global markets.

Lewis said: “We are thrilled about this new chapter for Famous Brands Franchising as a stand-alone company and are confident Pearl Street is the ideal strategic partner for the future.

“This transaction will take our franchisee support to the next level while enabling the investment to grow both the brands globally and bring our delicious products to more customers and families.”

Based in New York, Pearl Street and affiliates have investments primarily in venture capital, real estate, credit strategies and public and private equity.