Cinnabon President Geoff Hill will be promoted to vice president of Roark Capital Group, the brand's owner, as Roark looks for more investment opportunities, the Atlanta-based private equity firm said Tuesday.
Roark owns 14 franchise or multi-unit brands that combined have more than $3 billion in annual systemwide revenues. Its portfolio includes Focus Brands, the parent of Cinnabon, Carvel Ice Cream, Moe's Southwest Grill and Schlotzsky's.
Roark closed last year on a new $1 billion institutional fund. So far, it has invested money from the new fund in Acworth-based Primrose Schools and Atlanta-based Simply Floored. It also recently announced an offer to buy Pet Valu, a Canada-based pet food and supplies chain.
Hill will have two primary roles at Roark as it eyes additional investment opportunities.
"One is finding and assessing more opportunities out there in franchising, some being food and some being non-food," Hill said. "With my background, the other thing I'll hopefully be able to do is lend some help after the acquisitions, help create value and build the brands."
Hill joins Steve Romaniello, a former president of Focus Brands named last year as a managing director at Roark. Prior to Focus, they worked together at U.S. Franchise Systems, owners of the Microtel Inns & Suites, Hawthorn Suites and Best Inns & Suites brands.
President of Cinnabon since November 2006, Hill will transition to Roark by the end of the year. Gary Bales, president of Carvel, will become head of Cinnabon too.
The transition comes as Cinnabon faces a difficult economy and implements key initiatives, including refreshed designs for its stores.
Roark recently announced an offer to buy Pet Valu, a Canada-based pet food and supplies chain.
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