Done Deal: Friendly’s Restaurants acquired
Amici Partners Group has expanded its growing restaurant portfolio.
Amici has completed its acquisition of Friendly's Restaurants, which operates 130 corporate-owned and franchised restaurants on the East Coast. The investment group is affiliated with Brix Holdings, whose holdings include Souper Salad, Red Mango, Yogurt Café Smoothie & Juice Bar, Smoothie Factory Juice Bar and others.
Friendly’s, which has been struggling for years under increased competition, declared bankruptcy in November, with an agreement to be sold to Amici for under $2 million. It previously declared bankruptcy in 2011.
"The investors of Amici Partners Group, LLC have been involved with the Friendly's Restaurant brand in many capacities over the years, not only as owners/operators and leaders in the system, but also as longtime loyal customers of this iconic brand," said Craig Erlich, president and CEO of Amici Partners and its affiliated company BRIX Holdings. "Based on our personal connection to the chain, strong investment capabilities, and seasoned management team, we believe we will be able to continue to reinvigorate this much-loved brand for both loyal patrons and new customers alike."
The new ownership said it will bring back many of Friendly's favorites while also focusing on menu innovation, reestablishing Friendly's as a family-friendly destination, and delivering a customer guest experience, as well as enhancing Friendly's app for online ordering, take-out, delivery and a new loyalty program.