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Kahala Corp., the franchisor of such brands as Cold Stone Creamery and Blimpie, has sold a controlling interest to the Canadian-based owners of the Yogen Fruz frozen yogurt concept.
Scottsdale, Ariz.-based Kahala, which is privately held, said late Tuesday that the deal with the Markham, Ontario-based Serruya family, which owns Yogen Fruz, was completed Monday. Private-equity firm Delavaco Group Inc., run by Toronto-based investor Andy DeFrancesco, has also taken a stake in Kahala with the Serruyas, The Globe and Mail reported. Terms of the deal were not disclosed.
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