Raving Brands has sold two of its five concepts, the company has announced. Edmonds Capital LLC purchased both Shane's Rib Shack and Planet Smoothie in a deal facilitated by Arlington Capital Advisors.
Terms of the deal were not disclosed. Both concepts will retain their management teams and will operate under the holding company of Petrus Brands Inc. in Atlanta.
Chris Morocco, who has been the chief development officer for both brands, will become the new CEO of Petrus Brands. Meanwhile, Shane's Rib Shack founder Shane Thompson will become president of Shane's Rib Shack, and Bret Eldridge, former vice president and brand leader for Shane's Rib Shack, will become president of Planet Smoothie.
"We're building this company off the basis of building these brands to last," Morocco said. "There's a tremendous amount of work and energy required. Each brand has a soul, a DNA. This is about clarity and focus and putting the necessary resources on both brands."
For Thompson, the sale is about a return to the day-to-day operations of the concept he started in 2002.
"I love the brand and still operate a store, but I never had the ability to help the franchisees," he said. "Now, 100 percent of my focus will be at Shane's."
What's next for Raving Brands
The transaction leaves Raving Brands with three diverse concepts — Monkey Joe's Parties and Play, The Flying Biscuit Café and Boneheads Grilled Fish and Piri Piri Chicken — all in "high-growth mode," said Raving Brands president Daryl Dollinger.
Short-term, he said, Raving Brands plans to expand the remaining concepts through franchising. The company also is working on a new concept, set to launch later this year.
While there are no plans to sell the remaining three, Dollinger said Raving Brands "won't rule it out."
Although Raving Brands holds the international franchise rights to Boneheads as well as Mama Fu's Asian House, Doc Green's Gourmet Salads and Grill and PJ's Coffee of New Orleans, Monkey Joe's is the first concept they will look to expand internationally. Meanwhile, The Flying Biscuit is scheduled to open nine to 10 more domestic locations throughout the year, Dollinger said.
"The ultimate goal is a few stores every year. To do it slower and to do it right," he said.
