RICHMOND, VA (WWBT) - After six years in business, the owner of sweetFrog is selling his company to a Richmond private equity firm.
Boxwood Capital Partners, LLC announced the purchase of the wildly successful Richmond-based on Monday with plans to grow the company into more products and locations around the world. The terms of the sale were not released. Boxwood Capital has held a minority stake in the company since April 2012.
"We welcome Boxwood Capital Partners' further investment in sweetFrog and look forward to collaborating with them in the future," said Derek Cha, Founder of sweetFrog. "We will retain 15 sweetFrog locations, becoming sweetFrog's largest Franchisee as part of the transaction. We believe that sweetFrog is well positioned for further national and international expansion as the Frozen Yogurt Industry consolidates."
SweetFrog has 348 stores in 24 states, the Dominican Republic and United Kingdom. A store will also soon open in Egypt.
"SweetFrog is the quality leader across the category using real dairy and providing customers a truly unique and better experience than other brands," said Patrick Galleher, Managing Director of Boxwood Capital Partners. "We look forward to the opportunity, and will continue to assist our franchisees, licensees and corporate store managers in providing customers the best tasting products and experience in the industry."