Levine Leichtman Capital Partners has acquired Kilwins, the franchised chain of chocolate and ice cream, the companies said this week. Terms of the deal were not disclosed.
Kilwins was founded in 1947 and is based in Petoskey, Mich. The company operates 150 locations in 25 states, most of which are franchised. The company traditionally opens in tourist spots where it makes fudge on-site and sells chocolate and hard-pack ice cream.
Robin and Don McCarty, who have owned a majority interest in the chain since 1995, will maintain a minority interest in the company.
“Kilwins has an incredible brand proposition, a compelling product portfolio and a loyal customer base,” Andrew Schwartz, a partner with Levine Leichtman, said in a statement. “We are strong believers in the long-term potential of Kilwins.”
Don McCarty said that Levine Leichtman “has the resources and franchise experience to lead Kilwins in its next phase of growth.”
Levine Leichtman has considerable experience in the franchise space, having invested in more than 25 brands. Among its past investments in food businesses: Tropical Smoothie, Nothing Bundt Cakes, Mountain Mike’s Pizza, Wetzel’s Pretzels and Global Franchise Group.
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