News

Dean Foods scoops up Friendly's for $155M cash

June 21, 2016

Friendly's Ice Cream and Dean Foods Co. today finalized a $155 million cash deal that makes the retail ice cream and manufacturing business officially part of Dean Foods. Dean Foods, a Dallas-based food and beverage company, is the nation’s largest processor and direct-to-store distributor of fresh fluid milk and other dairy products.

Friendly's will continue strictly as a restaurant organization under the FIC Restaurants, Inc. label, which includes 260 Friendly's restaurants. The company is owned by an affiliate of Sun Capital Partners, Inc. A news release stated the senior restaurant management team will continue to lead the Friendly's business.

"This agreement is the result of 105 percent growth of our retail business over the past five years, as well as the successful repositioning of our restaurant business," said FIC Restaurants CEO John Maguire. "Dean Foods possesses the growth capabilities and expertise to take the Friendly's retail ice cream business to the next level of its meteoric rise."

Friendly's restaurants management team will continue to focus on maintaining growth momentum in new and existing markets, according to the release. The ice cream business, led by its current retail and creamery teams, continues to operate under the new Dean ownership in Wilbraham, Massachusetts.  

"Friendly's restaurants have experienced tremendous growth in sales and guest traffic over the last 15 months; a direct result of the introduction of new and exciting menu items, compelling value propositions, the addition of drive-thru windows and extensive renovations to existing locations," Maguire said.