The parent of 90-year-old Friendly's Restaurants has been acquired by an investment group led by one of the chain's big franchisees, with plans to expand the East Coast-based purveyor of ice cream and sandwiches to the South.
Dallas-based Brix Holdings — with its portfolio of over 250 Friendly's, Clean Juice, Orange Leaf, Red Mango, Smoothie Factory + Kitchen, Souper Salad and Humble Donut Co. locations — has been purchased by Legacy Brands International. That company is managed by Amol Kohli, a multiunit franchisee of Friendly's who owns and manages more than 30 of its restaurants across the East Coast.
Terms of the deal, announced on Tuesday, weren't disclosed.
The Brix transaction adds to the spurt of U.S. restaurant sales in the past 12 months, deals involving Dave's Hot Chicken, Jersey Mike's Subs and Playa Bowls, among others. Wilbraham, Massachusetts-based Friendly's had a prior ownership change just a few years ago, in the wake of filing for Chapter 11 bankruptcy in November 2020 during the pandemic. Ten years prior to that, the chain first sought bankruptcy relief.
As part of the 2020 bankruptcy, Friendly's owner FIC Restaurants agreed to sell its assets to Amici Partners Group, which is affiliated with Brix, the multibrand restaurant franchising company. That sale closed in January 2021, with Friendly's having 130 eateries at that time and a turnaround plotted.
Friendly's — known for serving patrons sandwiches, burgers, ice cream desserts and milkshakes — was founded in 1935 as a single ice cream parlor in Springfield, Massachusetts. Its eateries are concentrated in the Northeast and mid-Atlantic. Under the new ownership, and guided by Kohli's experience, Friendly's plans to open up in the South and Southwest.
There will be a focus on expanding Friendly's into target markets like Georgia, the Carolinas and further south into Texas, according to Legacy Brands. It will also be looking for additional companies to acquire.
Brix chains opened several new locations so far this year, with others under construction and in development to open by the end of 2025. The company had positive same-store systemwide sales comps in 2024 and is showing momentum across its portfolio of brands heading into the second half of this year, Legacy said. Eight new franchise agreements have already been awarded in 2025, with more under consideration.
Brix will remain headquartered in Dallas and continue to be led by Sherif Mityas as CEO and the existing leadership team. Kohli will still manage his Friendly's franchises and will now also oversee Brix as its chairman with the support of the Legacy Brands board members. In his new role, Kohli will lead Brix on its mission to grow.
Kohli "has a long history of success and dedication to Friendly's" and "broad experience in the restaurant industry," John Antioco, managing member of Jamco Interests, said in a statement.
Existing Brix ownership, including its majority member Jamco, have decided to further their involvement with Brix and will be investors in Legacy Brands.
Kohli said Friendly's has been a part of his life since he was 15.
"I started as a breakfast table waiter, which evolved into owning, managing, developing and overseeing several locations over the last 16 years," he said in a statement. "I plan to take that to the next level in this new chapter of Brix Holdings' ownership to grow the size, scale and infrastructure for all our franchise networks and systems."
For the record
Legacy Brands International was represented by Dilworth Paxson. The sellers were represented by Gibson, Dunn & Crutcher.