FINANCE

Leonard Green managing partner leaves post

BY Dan Berthiaume

Los Angeles – Peter J. Nolan, 55, one of three managing partners of private equity firm Leonard Green & Partners, is leaving his post. Leonard Green holds investment stakes in major retail chains including J. Crew, Petco, The Container Store, and Topshop/Topman.

Nolan will serve as a senior advisor to Leonard Green and also serve as a board member of several companies in its portfolio. He is leaving to devote more time to philanthropic activities.

“It has been a privilege to work with extraordinary partners and colleagues, loyal investors, and some of the most talented executives in the world at our portfolio companies,” Nolan said in a statement. “I look forward to continuing the relationships I have built during the past three decades while beginning a new chapter.”

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REAL ESTATE

Flip Flop Shops to open 20 Caribbean franchise stores

BY Dan Berthiaume

Atlanta – Flip Flop Shops has signed a master franchise agreement with Happy Toes Caribbean that calls for the establishment and development of at least 20 new shops throughout the islands, the first of which will open in Aruba in late 2014. The master franchise rights agreement also covers the management of three established stores in St. Thomas, St. Maarten and Curacao.

This new deal pushes Flip Flop Shops 2014 international expansion plans to nearly 100 new stores, and follows on the heels of similar development deals in both the Middle East and South Africa. Flip Flop Shops operates nearly 100 locations globally, and has nearly 200 stores in the development pipeline. The company is seeking franchise partners for further development in several new international markets, including Latin America, Mexico, Australia and New Zealand, and parts of Asia including Malaysia, Singapore, South Korea and Vietnam.

"The key to successful international expansion is finding the right partner," said Brian Curin, president and co-founder of Flip Flop Shops. "The credibility of our international partners coupled with the credibility of the Flip Flop Shops concept is allowing explosive growth for us around the globe."

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OPERATIONS

Bob Evans Farms names three independent directors

BY Dan Berthiaume

New Albany, Ohio – Bob Evans Farms Inc. has appointed Kevin M. Sheehan, president and CEO of Norwegian Cruise Line, Kathy S. Lane, former CIO of TJX Companies Inc., and Larry S. McWilliams, co-CEO of Compass Marketing, to its board of directors. E. Gordon Gee, 70, is stepping down from the board effective immediately, following his acceptance in March of the permanent position of president of the West Virginia University.

In addition, Larry C. Corbin, 72, and G. Robert Lucas, 70, will be retiring from the board at the end of their terms in connection with the 2014 annual meeting and will not be standing for reelection.

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