WILBRAHAM, Mass. - December 9, 2008 -- Friendly Ice Cream Corporation ("Friendly's") today announced the appointment of Ned R. Lidvall as its President and Chief Executive Officer, effective immediately.
Mr. Lidvall has more than 30 years of experience in successfully managing and operating leading restaurant companies. Since 1999, he served as President and CEO of Rock Bottom Restaurants, Inc., a privately owned company based in Boulder, CO, with more than 130 casual dining restaurants and prior to that as Executive Vice President with responsibility for all aspects of operations, marketing, training, recruiting, brewing, food and beverage, development and joint venture partner relations. Lidvall also served as President and Chief Operating Officer of On the Border Cafes, including overseeing its initial public offering and directing acquisition of the publicly owned company by Brinker International. In addition, he has held senior management positions with Chi-Chi's Inc. and Western Sizzlin Inc. Lidvall received a Bachelor of Science in Biology from the University of Kentucky. Mr. Lidvall replaces Mr. George M. Condos who announced his retirement several months ago.
Friendly's is an affiliated portfolio company of Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leverage buyouts and investments in market-leading companies.
"Ned Lidvall brings to Friendly's creativity, financial acumen, and in-depth knowledge of all aspects of the restaurant business, including the ability to build franchises and develop innovative, new restaurant concepts," said Scott T. King, Managing Director, Sun Capital Partners. "We are confident that his talent and ability will enable Friendly's great brand to grow and prosper."
Ned R. Lidvall, President and CEO, Friendly Ice Cream Corporation, added, "Friendly's is an amazing brand with loyal, incredibly passionate consumers. Friendly's has demonstrated its ability to recognize and meet the ever-changing needs of today's consumers as evidenced by the $9.99 â€šÃ„Ã²Create Your Own' promotion in all our restaurants. With our great burgers, signature ice cream creations and new restaurant concepts, the future of Friendly's is exciting and I'm thrilled to be here."
Friendly Ice Cream Corporation ("Friendly's") is a vertically-integrated restaurant company serving signature sandwiches, entrees and ice cream desserts in a friendly, family environment in 505 company and franchised restaurants throughout the Northeast and several southeastern states. Friendly's also makes ice cream, which is distributed through more than 4,000 supermarkets and other retail locations. With a 73-year operating history, Friendly's enjoys strong brand recognition and is currently revitalizing its restaurants and introducing new products to grow its customer base. To find a Friendly's Restaurant near you please visit http://www.friendlys.com.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 200 companies worldwide with combined sales in excess of $40.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com.Back to list
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