Frozen yogurt chain Pinkberry now has a corporate parent.
On Monday, Kahala Brands announced it had acquired the 10-year-old chain, which was started by a former nightclub bouncer and restauranteur. Pinkberry joins a portfolio of 17 other quick-service chains, including Cold Stone Creamery, Blimpie, Planet Smoothie, and America’s Taco Shop.
“The Pinkberry brand is known worldwide for its super-premium frozen yogurt and truly is the concept that reignited the frozen yogurt category over a decade ago,” Michael Serruya, Kahala Brands’ chairman and CEO, said in a press release. “It’s an excellent strategic fit for our company and presents an exciting opportunity for future development.”
Terms of the deal were not disclosed.
Between 1991 and 2005, per capita frozen yogurt fell by more than two pounds to just 1.3 pounds, according to a 2007 Fortune article. But Pinkberry, which opened in 2005, is often credited with reigniting the craze. It has opened more than 260 stores since opening its first shop in Los Angeles. Korean frozen yogurt chain Red Mango entered the U.S. market two years after Pinkberry open its doors.