Steve’s breakdown: Edible Arrangements founder now has complete power over the company again and we expect there’s going to be some-a-changes coming’ now that he’s free.
BTW: Their creative is to yawn for.
WALLINGFORD, CT: The founder and CEO of Edible Arrangements
has bought back equity ownership of the company.
Tariq Farid announced Monday that he has completed a buyback of equity of the company, which had been held by private equity firm L Catterton, Greenwich, Connecticut. Terms of the transaction were not disclosed.
Edible Arrangements entered into a strategic partnership with L Catterton in June 2012. Farid said the relationship provided assistance during a key growth phase for the brand, a time in which Edible Arrangements expanded its offerings to include offering fresh fruit smoothies, froyo fruit blends, chocolates and more.
“As a result of our partnership, Edible Arrangements finds itself well-positioned for a future that includes exciting new opportunities for our franchises and the brand,” Farid said. “The timing was right to take back full ownership so that I could be more fully engaged in building the future of the brand with our franchisees.”
Founded in 1999, Edible Arrangements has grown to more than 1,300 franchised locations worldwide. Over the past few years, it has launched a systemwide conversion of traditional Edible Arrangements stores to a “whole-store” experience that feature the company’s expanded food offerings.