CoolBrands sells franchise division
December 28, 2005
by FoodBusinessNews.net Staff
TORONTO — CoolBrands International Inc. has sold substantially all of its franchising division to International Franchise Corp. for cash consideration of $8 million. The transaction was completed on Dec. 23.
The portion of the franchise division sold operates by franchising and licensing retail outlets serving primarily frozen yogurt and ice cream under the Bresler’s, I Can’t Believe It’s Yogurt, Ice Cream Churn, Swensen’s, and Yogen Fruz trademarks. CoolBrands continues to operate as franchisor of retail outlets under the Jerry Tucci’s Pizza Pasta and Tropicana Smoothies trademarks.
International Franchise Corp. is a company controlled by Aaron Serruya. As a result of the transaction, Mr. Serruya is no longer an executive officer of CoolBrands but he remains on the board of directors of CoolBrands.