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TCBY to be Acquired by Capricorn Investors
LITTLE ROCK (February 10, 2000) - TCBY Enterprises, Inc.
announced that, with the approval of its Board of Directors, it had entered into a definitive
agreement with Capricorn Investors III, L.P. in which all shares of common stock of TCBY will be
acquired for $6.00 per share, representing a premium of 68 percent over Wednesday's closing price. The
transaction is valued at approximately $140 million.
An affiliate of Capricorn Investors III, L.P. is the principal shareholder of Mrs. Fields' Holdings, Inc. which
controls other food concepts such as Mrs. Fields, Pretzel Time, Great American Cookie Company and
Pretzel Maker. The acquisition will provide the opportunity for these brands to be combined with the
TCBY brand in selected existing locations and in future new locations.
TCBY was founded in 1981 by Frank D. Hickingbotham. The Company has grown since its beginning to
include approximately 3,000 locations throughout the United States and the world. The Company has
master franchisees in 68 countries. TCBY has total brand awareness of over 90% and is found in most
major airports in the United States. In recent years the Company has added new locations by
cobranding with quick service restaurants and petroleum locations. Now this expansion can continue
while offering TCBY franchisees the many other brands controlled by Capricorn.
The transaction is subject to approval under the Hart-Scott-Rodino Act and by the stockholders of TCBY
Enterprises, Inc. The closing of the transaction is anticipated to occur in the second quarter.
TCBY Enterprises Inc., 501-688-8229
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