Brix Holdings, the current proprietor of Friendly's, gets bought out by a franchisee
In a strategic move, Legacy Brands International has announced the acquisition of Brix Holdings, a company that owns multiple restaurant brands including Friendly's, Clean Juice, Orange Leaf, Red Mango, Smoothie Factory + Kitchen, Souper Salad, and Humble Donut Co.
Under the leadership of Amol Kohli, the new Chairman of the Board, Legacy Brands International aims to grow the brands in the Brix portfolio, with a particular focus on expanding Friendly's, an East Coast diner chain, into Southern markets such as Georgia, the Carolinas, and Texas.
This expansion is part of a broader mission to grow Brix's restaurant network and to boost the "better for you" and scalable brands across the portfolio. Kohli's extensive experience with Friendly's franchises and his background in multi-brand franchising systems underpin this strategic direction.
The existing Brix leadership team, including CEO Sherif Mityas, will remain in place, ensuring continuity while leveraging Kohli's vision to drive growth. Legacy Brands International, the acquirer, currently operates more than 30 Friendly's on the East Coast.
Brix Holdings, prior to the acquisition, had over 250 locations across its brands. Despite the closure of nearly 50 Clean Juice stores, the company reported momentum has continued this year with several new openings, more locations in development, and eight new franchise agreements.
In 2021, systemwide sales fell 7% at Friendly's, 9% at Red Mango, 10% at Orange Leaf, and almost 30% at Clean Juice. However, same-store sales increased 1% for Friendly's, 14% for Orange Leaf, and 6.2% for Red Mango, despite the closures.
JAMCO Interests, the majority owner of Brix, will also remain involved as an investor in Legacy Brands. The terms of the deal were not disclosed.
Kohli, who started as a waiter at Friendly's, began operating locations in 2009. With this acquisition, he plans to grow the size, scale, and infrastructure for all Brix Holdings' franchise networks and systems.
This acquisition marks a significant step forward for Legacy Brands International and Brix Holdings, and it is expected that the combined company will continue to grow and evolve in the future.
Financing for the expansion of Friendly's into Southern markets, as part of Legacy Brands International's acquisition of Brix Holdings, will be essential, given the broad mission to boost scalable brands across the portfolio. The strategic direction, driven by Amol Kohli's experience with Friendly's franchises and multi-brand franchising systems, will necessitate business growth and development of the Brix Holdings franchise networks and systems.
