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As previously announced on April 20, 2004, AFC began an exploration of strategic alternatives for Cinnabon, including a possible sale, as part of the company’s effort to sharpen its strategic focus and maximize shareholder value. The agreement includes the sale of the international franchise rights for Seattle’s Best Coffee in eleven countries, Hawaii and U.S. military bases, which are all of the operations of Seattle’s Best Coffee that AFC retained following the sale of Seattle’s Best Coffee to Starbucks Corporation in July 2003.
“The announcement today represents continued progress in AFC’s ongoing effort to optimize our portfolio and to restructure our corporate center,” says Frank Belatti, chairman and CEO of AFC Enterprises. “We commend the Cinnabon team for their diligent efforts in building a well-known global brand.” Further terms of the agreement were not disclosed.