Sun Capital-backed Friendly’s to sell ice cream business for $155M
May 11, 2016
Friendly's Restaurants, a Sun Capital Partners portfolio company, has agreed to sell its manufacturing and retail ice cream business, Friendly's Ice Cream, to Dean Foods (NYSE: DF) for $155 million in cash. Dean Foods will also acquire the Friendly's trademark and intellectual property associated with the ice cream business. Friendly's Restaurants, a family-dining restaurant chain with over 260 U.S. locations, will continue to be owned and operated by Sun Capital. The transaction is expected to close in late 2Q.