Wallingford-based Edible Arrangements repurchases minority ownership
WALLINGFORD >> Tariq Farid, chief executive officer of Edible Arrangements, said the company has repurchased a minority ownership stake he had sold to a Greenwich private equity firm in 2012.
Terms of the buyback from L Catterton were not released. L Catterton has made more than 150 investments that include the Noodles & Co. restaurant chain, Ideal Image laser hair removal and Naya bottled water.
Farid founded Edible Arrangements in East Haven in 1999. The company, known for creating gift fruit arrangements similar to the way florists make up bouquets of flowers, has more than 1,300 franchise locations worldwide. But Farid wanted to launch a new concept, Edible to Go, to sell smoothies, parfaits and frozen yogurt fruit blends.
“We wanted to expand and we needed somebody to help us do that, who had a level of expertise that we didn’t,” he said. “We were also getting inquiries from companies that wanted to buy us.”
But with the buyback of the minority stake that L Catterton had in Edible Arrangements, the company remains privately held.
Edible Arrangements launched Edible to Go last year and has already converted a number of Connecticut stores, including the one in Branford, to include the new concept.
“The timing was right to take back full ownership so that I could be more fully engaged in building the future of the brand with our franchisees,” Farid said. “At heart we are really a family of small businesses that have enjoyed incredible growth through a shared passion and willingness to work together towards common goals. Now we can focus all our energy on working together on the next evolution of the Edible Arrangements brand.”
Call Luther Turmelle at 203-680-9388.