Michael Serruya becomes co-CEO of the multi-concept operator.
The Serruya family has purchased a controlling interest in Kahala Corp., a company that franchises multiple quick-serve restaurant concepts such as Cold Stone Creamery, Blimpie and The Great Steak & Potato Company. As a result of the deal, Michael Serruya becomes the new chairman and co-CEO of Kahala.
The Serruya family has 26 years of experience in the restaurant industry as owners and management of various quick-serve brands.
"The financial strength of the company has been significantly enhanced as a result of this transaction," said Kevin Blackwell, Kahala's founder and co-CEO. "It positions Kahala as an industry leader and will allow us to grow our portfolio by acquiring or partnering with other world class brands."
Kahala's brands are available in more than 23 countries with more than 3,035 franchised and corporate store locations. Kahala's total system wide revenues are approximately $1 billion, according to a company release.
Terms of the transaction were not disclosed.