Lawrence R. (Larry) Johnston, Former Chairman & CEO of Albertsons Inc., has acquired a major stake in the "Peach Cobbler Factory Franchise Company LLC" one of America's fastest growing dessert franchises.
In this deal, Johnston will form a partnership with Greg George the Peach Cobbler Factory's CEO to assist in accelerating the company's rapid growth and success forward into the future.
Johnston comments on the transaction. "I am excited to be partnering with Greg George and the Peach Cobbler Factory Team of associates and franchisees to achieve a goal of bringing this exciting dessert concept to millions of people across America and beyond."
The Peach Cobbler Factory was founded in 2013 by Juan and Tamira Edgerton. In July 2021 the founders partnered with 25-year franchise industry veteran Greg George. Since then enthusiasm for the brand has been extremely strong. In less than 12 months the company has already signed franchise agreements for over 100 locations in 15 states.
In this transaction, the Edgertons have divested their interest in the company to Mr. Johnston and will remain as valued advisors and franchisees. The terms and details of the acquisition were not revealed.
Johnston is the former Chairman, CEO and President of Albertsons Inc., a Fortune 50 company with over $40 Billion in Revenues and 240,000 employees. During Mr. Johnston's tenure the company operated a nationwide network of over 2,500 stores in the grocery and drugstore industries under the brand names Albertsons, Jewel, Acme, Shaws, Sav-On & Osco.
Prior to joining Albertsons in 2001 as Chairman and CEO, Mr. Johnston spent 28 years with the General Electric Company.
In his final role at GE he served as President and CEO of GE Appliances a multi billion dollar global division of the company. In this role he reported directly to GE's legendary Chairman and CEO Jack Welch.
Mr. Johnston also served as a Senior Vice-President of the General Electric Corporation and was a member of GE's Corporate Executive Council (CEC).
Earlier in his GE career, Mr. Johnston served in a variety of executive roles including, President and CEO of GE Medical-Europe, Middle East & Africa headquartered in Paris, France.
He also served as Chairman of GE's European Corporate Executive Council (CEC), a group representing all of GEs European businesses.
Mr. Johnston has also served as a member of the Board of Directors of The Home Depot in Atlanta, Georgia, Albertson's Inc. in Boise, Idaho, The World Food Forum in Paris, France, The Food Marketing Institute in Washington, DC and The Kentucky Derby Museum in Louisville. Kentucky.
He is a graduate of Stetson University in Deland, Florida and Corning Community College in Corning, New York. He was awarded the Distinguished Alumni Award from both institutions.
Today, Mr Johnston chairs The Johnston Family Foundation, a charitable foundation that focuses on deserving causes such as scholarships for inner city children, support for disadvantaged & abused persons, returning military veterans and animal rescue.