Birmingham, Ala. Books-A-Million paid $3 million as part of a deal to gain equity interest in Alabama-based Yogurt Mountain, according to the Birmingham Business Journal.
The company also committed to a $1.5 million line of credit to secure a 40% equity interest in the yogurt venture.
Books-A-Million announced earlier this month that it had invested in Yogurt Mountain but did not reveal its financial outlay. It said in Securities and Exchange Commission documents that it entered into a limited liability company agreement with Yogurt Mountain.
Yogurt Mountain is a self-serve franchise featuring 16 rotating flavors and more than 50 toppings. It has stores in Tuscaloosa and Birmingham.
The line of credit agreement runs through 2015, according to filings. The proceeds from Books-A-Million’s agreement with Yogurt Mountain will be used for new store growth capital requirements.