Jamba, Inc. (NASDAQ:JMBA) announced today that it has entered into an
asset purchase agreement with Vitaligent, LLC (“Vitaligent”) to
refranchise 100 Company-owned restaurants in the San Francisco,
Sacramento and San Diego markets. Vitaligent is led by David A. Peacock,
former President of InBev subsidiary, Anheuser-Busch, and existing Jamba
franchise partner in St. Louis, who, upon closing of the transaction,
would own 105 Jamba locations. Under the terms of the agreement, Jamba®
will receive a purchase price of $36.0 million in cash.
“We are excited to extend our relationship with Dave and his
organization. The strength of their partnership group and our shared
vision for growth in the Midwest and the West will significantly enhance
our brand presence and future growth opportunities. Both organizations
share a passion for the brand and a vision to simplify and inspire
healthy living,” stated James D. White chairman, president and CEO of
Jamba. “This is a significant step toward our achieving the Company’s
commitment to an asset light model and positions us well to reach our
goal of generating $30 - $40 million of cumulative cash proceeds from
refranchising in 2015. We remain focused on increasing shareholder value
and will be using a portion of these proceeds to return capital to
shareholders through stock repurchases.”
On behalf of the Vitaligent team, which includes Dean VandeKamp, a
former partner at Ernest & Young, Mr. Peacock stated, "We are excited to
expand our partnership with Jamba Juice. This world class brand is at
the convergence of the health and well-being movement and trend toward
convenience. We are confident that we can drive performance through a
disciplined management approach and with a superior team in our stores."
Jamba remains on track to complete its accelerated refranchising program
within the first half of 2015. Discussions are underway with interested
parties to sell an additional 14 locations in California.
About Jamba
Founded in 1990, Jamba, Inc. is a leading restaurant retailer of
better-for-you, specialty beverage and food offerings, which include
great tasting, whole fruit smoothies, fresh squeezed juices and juice
blends, hot teas, and a variety of food items including hot oatmeal,
breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods, and
snacks. As of December 31, 2014, there were 862 Jamba Juice store
locations globally. Jamba is a proud sponsor of “Team Up for a Healthy
America” in the fight against childhood obesity and encourages fans to
join the Team Up community of celebrities, athletes, and other leaders
committed to getting kids active and involved at www.myhealthpledge.com.
Fans of Jamba Juice can find out more about Jamba Juice's locations as
well as specific offerings and promotions by visiting the Jamba Juice
website at www.JambaJuice.com
or by contacting Jamba's Guest Services team at 1-866-4R-FRUIT
(473-7848).
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are those involving future events and future
results that are based on current expectations, estimates, forecasts,
and projections as well as the current beliefs and assumptions of the
Company’s management. Words such as “outlook”, “believes”, “expects”,
“appears”, “may”, “will”, “should”, “anticipates”, or the negative
thereof or comparable terminology, are intended to identify such forward
looking statements. Any statement that is not a historical fact is a
forward-looking statement. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions that
are difficult to predict. Therefore actual results may differ materially
and adversely from those expressed in any forward-looking statements.
You should not place undue reliance on forward-looking statements. The
Company does not assume any obligation to update the information
contained in this press release.
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