NEW YORK — NexCen Brands Inc. recently announced that it has acquired the Great American Cookie Company from Mrs. Fields Famous Brands LLC. The purchase price of the transaction is $93.7 million and consists of approximately $89 million of cash and NexCen common stock valued at approximately $4.7 million.
The transaction adds another premium treat brand to the four brands in NexCen's quick-service restaurant portfolio, which include the premium, hand-mixed ice cream chains MaggieMoo's and Marble Slab Creamery, as well as the hand-rolled pretzel chains Pretzel Time and Pretzelmaker. The Great American Cookies acquisition marks the ninth brand added to NexCen Brands' portfolio and increases its franchise locations from 1,600 to 1,900 locations worldwide.
Founded in 1977, the Great American Cookie Company provides cookies, cupcakes, brownies and smoothies. The company has demonstrated more than 30 years of consistent growth and is the No. 1 mall-based cookie system in the United States. As of Dec. 31, 2007, Great American Cookies had nearly 300 franchised units primarily located in the continental United States.
"Great American Cookies is a great opportunity for us to enter the cookie business with a premium cookie brand that has grown consistently over the years," said Robert W. D'Loren, president and chief executive of NexCen. "The brand is representative of the acquisition opportunities NexCen has targeted to grow our QSR segment and to increase sales in our existing ice cream and pretzel concepts. The addition of this brand to our QSR portfolio provides NexCen with nearly 300 additional doors for the delivery of quality treat products and broadens our franchise offering for interested franchisees, both domestically and internationally."
