ATLANTA — Atlanta-based Focus Brands Inc. has signed an agreement to acquire the fast-casual chain Moe's Southwest Grill from Atlanta-based Raving Brands.
Terms of the deal were not disclosed. Moe's has 345 locations in 36 states generating nearly $300 million of annual system-wide revenues.
Focus Brands is the franchisor and operator of over 1,750 ice cream stores, bakeries, sandwich shops, and cafes in the United States, Puerto Rico, and 33 foreign countries under the Carvel, Cinnabon and Schlotzsky's brands and is the franchisor of Seattle's Best Coffee outlets on military bases and in certain international markets. Once the sale is complete, Focus Brands will have five franchise brands generating over $1 billion in annual system-wide revenues through over 10,000 outlets in all 50 states and in 33 countries.
"The Moe's brand, our franchisees, and our associates will all benefit greatly from the resources and expertise of Atlanta-based Focus Brands," said Raving Brands president Stephen LaMastra in a news release. "I am looking forward to a long and productive partnership where the best from each organization is identified and shared to everyone's benefit."
The transaction is expected to close sometime this summer.
