Texas-based CIC Partners has launched CIC Advantage Holdings, a venture fund of undisclosed size, to invest in restaurant and retail concepts.
It will be managed by John Antioco, former chief executive of film rental store chain Blockbuster; Roger Enrico, former chief executive of food and beverage conglomerate PepsiCo; and Mike Rawlings, managing partner of CIC Partners and former president of restaurant chain and international franchise, Pizza Hut.
For its first deal, the fund has invested $12 million in Red Mango, a South Korean frozen yogurt chain with stores throughout the US, including California, New York, Nevada, Utah and Oregon.
In October, the firm formed a company with Goldman Sachs named Legends Hospitality Management to operate food and merchandise concessions at the stadiums of US professional sports teams, the Dallas Cowboys and the New York Yankees. The venture will also be led by Rawlings. No financial details were disclosed.
CIC Partners has invested in more than 40 companies with revenues between $10 million and $1 billion in industries including energy exploration, food and healthcare services.