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NexCen Brands acquires Pretzel Time, Pretzelmaker concepts
August 7, 2007
NEW YORK — NexCen Brands Inc. has announced its acquisition of Pretzel Time Franchising LLC and Pretzelmaker Franchising LLC, wholly owned subsidiaries of Mrs. Fields Famous Brands LLC.
The combined purchase price for the transaction is $29.4 million and consists of $22.1 million of cash, and NexCen common stock is valued at approximately $7.3 million.
The transactions double the number of brands in NexCen's quick-service restaurant portfolio, which also includes MaggieMoo's and Marble Slab Creamery.
As of June 30, 2007, Pretzel Time and Pretzelmaker had a combined 376 franchised or licensed units worldwide. Of those, 327 are in the United States, with the remaining 49 international locations located in six countries.
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