Edible Arrangements announces private-equity investment; poised for growth
Wallingford, Conn. — Edible Arrangements announced on Friday a strategic partnership with private equity firm Catterton Partners, which includes a capital investment toward expanding the Edible Arrangements brand globally.
Terms of the transaction were not disclosed.
In addition, Edible Arrangements founder and CEO Tariq Farid said that Catterton Partners brings significant resources in areas from strategy to customer relations to supply chain management, which will accelerate the company’s ability to reach new levels of growth.
"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,” said Farid.
Edible Arrangements currently has more than 1,100 franchise locations open or under development worldwide. In 2011, the company opened 86 new stores, including 10 locations internationally, and said it expects to open more than 100 new domestic and international units in 2012.
Catterton’s current retail investments include: Restoration Hardware, Outback Steakhouse, Cheddar’s, Noodles & Co., and Mid-Atlantic Convenience Stores.
Largest Sears Canada Home store to open in Ottawa
Ottawa, Ontario — Sears Canada has opened its largest Sears Home store at Pinecrest Shopping Center. The store will occupy 78,0000 sq. ft. and feature an expanded selection of furniture as well as the largest major appliance and mattress inventory of any Sears location.
"The opening of the Sears Home store at Pinecrest is another in a series of transformational milestones for Sears Canada," said Calvin McDonald, president and CEO, Sears Canada.
Sears Canada operates 196 corporate stores, 278 hometown dealer stores, 29 home services showrooms, over 1,500 catalog and online merchandise pick-up locations, 105 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
TNP acquires Bloomingdale Hills in Tampa, Fla., suburb
Irvine, Calif. — TNP Strategic Retail Trust said Friday it has acquired Bloomingdale Hills, a 13-acre retail center in the Tampa, Fla., suburb of Riverview.
TNP is a public non-traded REIT that invests in grocery and drugstore anchored, multi-tenant necessity retail properties and other real estate-related assets.
Bloomingdale Hills comprises about 78,500 sq. ft. of rentable space, as well as a fully improved, undeveloped land parcel.
The center is anchored by Wal-Mart Neighborhood Market and is 100% leased.