Edible Arrangements, a maker of hand-sculpted, fresh-fruit arrangements, today announced a strategic partnership with Catterton Partners. The partnership includes a capital investment by Catterton Partners that will be used to support the expansion of the Edible Arrangements brand globally.
“We believe the partnership between Edible Arrangements and Catterton is a perfect fit,” said Tariq Farid, President and Chief Executive Officer. “Our ability to leverage the deep background and extensive resources of Catterton will enable us to grow the Edible Arrangements brand and build upon the great success that our franchise partners and talented employees have allowed us to achieve already. This literally will take us to the next level in terms of business development.”
Edible Arrangements has over 1,100 franchise locations open or under development worldwide. In 2011, the company opened 86 new stores, including ten locations internationally, and expects to open more than 100 new domestic and international units in 2012. The company has also achieved 11 consecutive years of comparative store sales increases. The company was founded in 1999 by brothers Tariq and Kamran Farid and is based in Wallingford, CT (www.ediblearrangements.com).
Founded in 1989, Catterton Partners focuses exclusively on the consumer industry. The firm invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, and Media and Marketing Services. The firm has more than $2.5 billion in capital under management and is located in Greenwich, CT (www.cpequity.com).
“Edible Arrangements is one of the fastest-growing franchise operations in the U.S., capitalizing not only on the growth of special-occasion gifts, but also on the healthy food trend,” said Scott Dahnke, Managing Partner of Catterton Partners. “With its unique offering, high-quality products and one-of-a-kind customer experience, backed by a strong franchise model and best-in-class management, Edible Arrangements has enjoyed tremendous success. We are delighted to partner with Tariq and his team and look forward to supporting the expansion of the Edible Arrangements concept worldwide.”
North Point Advisors acted as financial advisor to Edible Arrangements in connection with the transaction.