NexCen adds Great American Cookie to portfolio
January 30, 2008
by Jeff Gelski
NEW YORK – NexCen Brands, Inc. acquired the Great American Cookie Co. from Mrs. Fields Famous Brands, L.L.C. for approximately $93.7 million. The purchase price consists of about $89 million in cash and NexCen common stock valued at about $4.7 million.
Great American Cookie Co. serves cookies, cupcakes, brownies and smoothies in nearly 300 franchised units that primarily are found in the continental United States. The Great American Cookie Co. reported aggregate pro forma unaudited revenue of about $26 million and operating income of about $13 million for the 12 months ended Dec. 31.
NexCen’s quick-service-restaurant (Q.S.R.) chain portfolio already includes ice cream chains MaggieMoo’s and Marble Slab Creamery and pretzel chains Pretzel Time and Pretzelmaker. The acquisition increases NexCen franchise locations worldwide to 1,900 from 1,600.
"Great American Cookie is a great opportunity for us to enter the cookie business with a premium cookie brand that has grown consistently over the years," said Robert W. D’Loren, president and chief executive officer of New York-based NexCen. "The brand is representative of the acquisition opportunities NexCen has targeted to grow our Q.S.R. segment and to increase sales in our existing ice cream and pretzel concepts."