Cold Stone Creamery, the ice cream company that shares retail space with Tim Hortons, has been bought by Canadian entrepreneurs.
The Serruya family have bought Kahala Corp. a privately owned franchisor of quick service restaurants including Blimpie, TacoTime, Samurai Sam’s Teriyaki Grill, The Great Steak & Potato Company, Johnnie’s New York Pizzeria and Cold Stone Creamery.
Terms of the sale of Scottsdale, Ariz.-based Kahala were not revealed, but the deal was finalized Monday, according to a news release issued by the Markham, Ont.-based Serruya family. Michael Serruya becomes chair and CEO of Kahala, which has system-wide revenues of about $1 billion US.
The Serruya family plans to build Kahala’s franchising business in both international and North American markets, the release says.
Kahala owns more than a dozen fast-food brands around the world, with 3,035 locations in 23 countries.
Cold Stone Creamery is the best-known of its brands operating in Canada, because it shares space with Tim Hortons at more than 250 locations across the country and the United States.
The Serruya brothers —Michael, Aaron and Simon — are already active in the ice cream business as owners of Yogen Früz, spinoff chain Yogurty's and Swenson's premium ice cream.