Sweetfrog Acquires 5 NY Hoopla Frozen Yogurt Shops
In its first deal as part of an acquisition and rebranding strategy announced last year, Sweetfrog Frozen Yogurt acquired five New York-based Hoopla Frozen Yogurt locations in Camillus, Middletown, New Hartford, Newburgh, and Poughkeepsie.
Patrick Galleher, Sweetfrog’s CEO, said the Hoopla stores were an attractive investment because it allows the franchise to expand its footprint in a region where the Sweetfrog brand already has strong customer loyalty.
“It’s a win-win for all parties involved,” said Galleher in a news release. “Acquiring these existing locations in New York is a cost-efficient way for us to expand in an area where customers already love our brand and products. Plus, we have the benefit of maintaining the staff at each location where employees have built-in rapport and established relationships with local customers.”
The acquisition, completed April 24, includes the rebranding of the Hoopla units to Sweetfrog stores, but the company said there isn’t a need for any store closures for remodeling because both brands have similar layout designs and real estate expectations. All five New York stores will be completely rebranded with new signage by end of May.
Galleher hopes this move fuels further regional growth for the brand, which itself was acquired by Richmond, Virginia-based merchant bank Boxwood Partners in 2015. Galleher is also a managing partner of Boxwood.
“This is a pivotal moment for Sweetfrog’s future and we’re excited,” said Galleher. “We have no plans to slow down; we’re gaining momentum. With every new location, Sweetfrog becomes even more of a household name. We’re 340 stores strong, and this is just the beginning.”