The largest franchisee of Friendly Ice Cream Corp. said Monday it has hired an advisor to explore strategic alternatives, including a possible purchase of Friendly’s assets.
Earlier this month, Wilbraham, Mass.-based Friendly’s (AMEX:FRN) said the company is exploring strategic alternatives, including a possible sale of itself. Friendly’s said in a statement it has hired Goldman Sachs & Co. as a financial adviser and Weil, Gotshal & Manges LLP as legal adviser.
Franchisee Kessler Family LLC owns and operates 46 Friendly’s, which is about twenty percent of the total number of Friendly’s franchised restaurants. Kessler also operates Kessler restaurants in upstate New York. The company said in a release it has hired Austin, Texas-based Mastodon Ventures Inc., a self-described middle market M&A advisory firm.
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