Albertsons' ex-CEO spoons up stake in Peach Cobbler Factory
Former Albertsons CEO Larry Johnston has acquired a 50% stake in the Peach Cobbler Factory.
Why it matters: Johnston is a known dealmaker in the consumer space but this isn't the Albertsons deal the market has been watching (more on that below).
Context: Juan and Tamira Edgerton, the founders of the dessert chain, sold their interest in the company to Johnston, Peach Cobbler said in a release. Terms weren’t disclosed.
- They will continue to serve as advisers and stay on as franchisees.
- They founded Peach Cobbler in Nashville in 2013.
Flashback: Johnston ran Albertsons from 2001 to 2006. He presided over the sale of the grocery chain that took it private by an investment group led by Cerberus Capital Management in 2006.
- In February, Albertsons launched a strategic review to consider potential transactions or other moves, less than two years after it debuted on the public markets again.
What’s next: Johnston will join Peach Cobbler CEO Greg George in a partnership to help the company with its growth, the company said.