LOS ANGELES, Aug. 12 CA-RedMango-Series-A
LOS ANGELES, Aug. 12 /PRNewswire/ -- Red Mango, the wildly popular
authentic frozen yogurt concept that has become one of the most exciting new
franchises in the United States, today announced a $12 million Series A
investment led by veteran retail executive John Antioco, and CIC Partners, a
leading private equity firm based in Dallas, Texas. Red Mango will use this
investment to further develop its brand, optimize its store concept and
complete its world-class management team.
"We were very selective in choosing an investment partner who shared our
passion for creating delicious and nutritious desserts for people who want to
eat well and look good," said Dan Kim, the company's president & CEO who
founded Red Mango in the U.S. "I'm very pleased that John and CIC have
partnered with us, and believe Red Mango will benefit significantly from their
expertise in brand management and retail operations, and their proven
reputation for helping fast-growing businesses achieve greater levels of
success."
The investment brings an impressive group of credited industry
professionals to the Red Mango team. John Antioco will serve as chairman of
Red Mango's Board of Directors. Antioco previously served as chairman and CEO
of Blockbuster, Taco Bell, and Circle K, as well as senior vice president of
operations for 7-Eleven. In addition, Jean Birch will serve as Red Mango's
chief operating officer. Birch was formerly president of Macaroni Grill and
Corner Bakery Cafe. Jim Notarnicola, former chief marketing officer at
Blockbuster and 7-Eleven, will become Red Mango's chief marketing officer.
"Red Mango has achieved spectacular growth over the past year, and
continues to impress us with extremely strong customer appeal and solid
unit-level economics. We look forward to helping Red Mango build upon its
early success," said John Antioco. "CIC invests in concepts that combine high
quality products, significant growth prospects, and top notch management. Red
Mango has all of these ingredients in great measure," added Fouad Bashour,
partner at CIC.
About CIC Partners:
CIC Partners is dedicated to helping the companies it invests in prosper
and grow. As one of America's premier mid-market private equity firms, CIC
Partners has successfully invested in more than 40 companies in industries
including energy, food, retail and healthcare with combined revenue of more
than $4 billion. Representative retail investments include Ace Cash Express,
Don Pablos, Furr's, Main Street Restaurant Group, Quiznos, and Restoration
Hardware. CIC's experienced leadership team actively guides and supports
portfolio companies and invests significant personal capital to align all
stakeholders. For more information, please visit http://www.cicpartners.com.
About Red Mango:
Founded in 2002, Red Mango is the leading brand of authentic frozen yogurt
in South Korea, and has become one of the most popular and fastest growing
retail concepts in the United States. Red Mango opened its first U.S. store
last July in Los Angeles and has since celebrated 32 store openings in
California, New York, Illinois, Washington, Oregon, Utah, and Nevada. Red
Mango's most unique factor is its refreshingly tangy and irresistibly
delicious frozen yogurt that is all-natural, nonfat, gluten-free, certified
Kosher, and packed with beneficial live and active cultures. Red Mango stores
are stylish, comfortable and uplifting destinations where active and
health-conscious people can create the perfect all-day dessert. For more
information about Red Mango, please visit http://www.redmangousa.com.
Contact:
Red Mango, Inc.
Elizabeth Berry
818-926-4402
eberry@redmangousa.com
SOURCE Red Mango
