Jamba Enters into Agreement to Sell 41 Stores
Jamba Juice Announces Largest Refranchising Transaction to Date
Jamba Juice, (NASDAQ: JMBA), a highly recognized healthy, active lifestyle brand, announced today the signing of a purchase agreement for 41 stores in the mid-West region predominantly in the Chicago and Minneapolis markets with J J Maa, Inc. and J J Mata Inc, whose principals are Zeena Patel, Anand Patel, Amrit Patel, and Mafatlal Patel. This is the largest refranchising transaction Jamba has entered into since announcing the refranchising program in early 2009.
The Patel’s are well-established members of the Chicago community and are highly-regarded business owners and operators. They have a tremendous depth of experience in successfully launching and leading multiple companies in a variety of industries including specialty retail grocery, quick serve and traditional restaurants, ethnic and specialty food import and manufacturing. Their most recent business undertaking is in specialty and homeopathic health and wellness services.
“We love the fact that Jamba Juice is focused on health and wellness and creating differentiated products that are healthier-for-you, convenient, and great tasting”
In conjunction with this agreement, the Patel’s have committed to further expand the Jamba Juice brand by developing, at least, 20 additional Jamba Juice stores over the next six years. This development activity will significantly expand Jamba’s brand presence in the Midwest market, providing even more customers with access to Jamba’s portfolio of great tasting, better-for-you, on-the-go, meal options. The transaction is expected to close in November 2010.
“The team has done outstanding work to substantially complete the refranchising program and this purchase agreement, the largest to date with 41 stores, is a significant achievement,” stated James D. White, chairman, president and CEO, Jamba Juice Company. “I am exceptionally impressed with the Patel family and their outstanding track record of success as business owners and entrepreneurs. Their investment in the Jamba brand speaks strongly to their belief in our business proposition and we look forward to working together to grow this market.”
“We love the fact that Jamba Juice is focused on health and wellness and creating differentiated products that are healthier-for-you, convenient, and great tasting,” stated Anand Patel, principal of J J Maa, Inc. and J J Mata, Inc. “We are passionate about leading healthy, active lifestyles ourselves and given Jamba’s twenty year history of inspiring and simplifying healthy living it’s an easy brand to endorse and promote.”
This transaction represents the latest step in Jamba's program to increase overall store growth, particularly franchise store growth. Jamba is currently awarding franchise opportunities in select markets across the country.
Logos, product and company names mentioned are the property of their respective owners.
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