Sweet Frog

Last updated

sweetFrog - Premium Frozen Yogurt
Company type Private
Industry Chain restaurant, Franchise
Founded Richmond, Virginia (2009;16 years ago (2009))
Founder Derek Cha and Annah Kim
Number of locations
350+ stores (2/2016)
Area served
regional - East Coast, South, Mideast, Midwest, West Coast, Dominican Republic
Key people
Kevin Spencer Garrett [1]
Products Frozen yogurt and Sweet Frog merchandise
Parent MTY Food Group
Website www.sweetfrog.com

Sweet Frog (stylized as sweetFrog - Premium Frozen Yogurt) is a chain of frozen yogurt retail restaurants. Customers can create their own soft-serve frozen yogurt with numerous flavors and toppings from which to choose. Derek Cha, who immigrated to the United States from South Korea at the age of 12, is the founder of sweetFrog. He opened the first sweetFrog shop in Richmond, Virginia in 2009, [2] [3] at a time when the United States economy was in a recession. Cha founded sweetFrog on Christian principles. [4] [5] The "FROG" part of the name, according to Cha, is an acronym for "Fully Rely on God". [6] [7]

Contents

Sweet Frog in Prince Frederick, Maryland Sweet Frog frozen yogurt restaurant in Prince Frederick, Maryland.jpg
Sweet Frog in Prince Frederick, Maryland

The sweetFrog restaurant's interiors are painted pink and green, and the typical store consists of seven or eight frozen yogurt machines, toppings bars, and merchandise, much of which is centered on sweetFrog's mascots "Scoop" and "Cookie." [8] Based in Scottsdale, Arizona at the time of its acquisition by MTY Food Group, the chain operated 332 locations in the United States and abroad, most of which are franchised. Sweet Frog serves rotating dairy-free options. [9]

History

Derek Cha started sweetFrog with only one restaurant in 2009, and in four years sweetFrog had grown to over 215 stores in 25 states in the U.S. with more stores located internationally in the Dominican Republic, the United Kingdom, and Egypt. [10] In its first 3 years of franchising, over 60 Sweet Frog stores were opened. [11] [12] By the spring of 2012, it was reported that Sweet Frog had 100 stores and expected to have 200 by the end of the calendar year [13] Cha's goal was to have 200 sweetFrog stores by the end of 2012. [14] A April 24, 2013, article reported that Sweet Frog had 240 stores at the time of that writing, which would include corporate-owned, licensed, and franchised locations. It added that sweetFrog had grown from 130 stores only seven months earlier in October 2012. [15] By 2020, Cha stated that he would like to have 1,000 U. S. locations and 1,000 international locations [16]

Scoop & Cookie promoting Sweet Frog's first Chicago area restaurant in Frankfort, IL. Sweet Frog's mascots "Scoop" and "Cookie" at Chicago Theater.jpg
Scoop & Cookie promoting Sweet Frog's first Chicago area restaurant in Frankfort, IL.

On April 17, 2012, Boxwood Capital Partners, LLC announced that it had made a growth capital investment in sweetFrog Enterprises, LLC. [17] Boxwood's minority investment is being used to help fund sweetFrog's expansion plans across the country and internationally. [18] Subsequent to the investment, James Patrick Galleher, the Managing Director at Boxwood Capital Partners became the Chief Executive Officer of sweetFrog Enterprises, LLC. [19] [20]

In 2014, sweetFrog was listed #22 on the Inc. 500 list of fastest growing private companies in 2014 with revenues of $34.4 million. [21]

On February 2, 2015, it was announced that Boxwood Capital Partners, LLC had acquired sweetFrog Enterprises, LLC. [22] [23] [24]

In the Fall of 2018, sweetFrog was acquired [25] by a wholly owned subsidiary of Canada-based MTY Food Group Inc. of Montreal, Quebec.

Sponsorships

On April 18, 2016, it was announced by BK Racing that sweetFrog would be sponsoring David Ragan and the No. 23 Toyota Camry for the Toyota Owners 400 at Richmond International Raceway. [26] sweetFrog returned to sponsor Ragan's No. 23 for the Federated Auto Parts 400 at Richmond in August. [27] sweetFrog later appeared in the video game NASCAR Heat Evolution . [28]

See also

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References

  1. ↑ Victor, Nancy (May 3, 2018). "MTY Food Group names Eric Lefebvre as new CEO". Verdict Food Service.
  2. ↑ The Derosia Team. "Must Eat Frozen Yogurt!". The Derosia Team. Retrieved August 5, 2014.
  3. ↑ "Sweet Frog founder's Waterford Park could become Chesterfield's next attraction". Richmond Times-Dispatch. Retrieved December 8, 2016.
  4. ↑ "Christian Owned Businesses". A Voice of Reason. Archived from the original on January 4, 2015. Retrieved August 5, 2014.
  5. ↑ "Sweet Frog; Fro-Yo with a side of God. Wait, what? - Forward Progressives". Forward Progressives. August 1, 2013. Retrieved December 8, 2016.
  6. ↑ Harris, Al (May 9, 2011). "Q&A: Yogurt chain leapfrogs competition". Richmond BizSense. Retrieved August 5, 2014.
  7. ↑ McNair, David. "Sweet taste of success for Sweet Frog". The Hook. Better Publications LLC. Archived from the original on August 8, 2014. Retrieved August 5, 2014.
  8. ↑ Llovio, Louis (February 20, 2012). "rss feed sweetFrog's founder looks to grow chain beyond frozen yogurt". Richmond Times-Dispatch. Retrieved August 5, 2014.
  9. ↑ Moldowan, Leah (August 6, 2024). "SweetFrog is Hopping with Dairy-Free Froyo Flavors & Toppings". Go dairy free. Retrieved October 8, 2024.
  10. ↑ "sweetFrog US Store Locations". sweetFrog Premium Frozen Yogurt.
  11. ↑ Owens, Andrew (May 17, 2012). "Sweet Frog Makes a Splash in the Frozen Yogurt Pond". Brand Iron. Archived from the original on May 6, 2014.
  12. ↑ "sweetFrog Premium Frozen Yogurt Franchise Information". Entrepreneur. Retrieved December 8, 2016.
  13. ↑ "sweetFrog, a Family-Friendly Frozen Yogurt Franchise with Christian Roots". www.franchisechatter.com. October 9, 2012. Retrieved December 8, 2016.
  14. ↑ Bulik, Beth (May 14, 2012). "In Crowded Fro-Yo Pond, Sweet Frog Stands Out". Advertising Age. Retrieved August 5, 2014.
  15. ↑ Larter, David (April 24, 2013). "Sweet Frog orders a double serving of space". Richmond BizSense. Retrieved August 5, 2014.
  16. ↑ Llovio, Louis (February 20, 2012). "Sweet Frog's founder looks to grow chain beyond frozen yogurt". Richmond Times-Dispatch. Retrieved August 5, 2014.
  17. ↑ "Sweet Frog Receives Growth Investment". Venture Capital News. Massinvestor, Inc. Retrieved August 5, 2014.
  18. ↑ "Sweet Frog Enterprises, LLC: Private Company Information". Business Week. Archived from the original on August 8, 2014.
  19. ↑ "J. Patrick Galleher". LinkedIn.
  20. ↑ "sweetFrog". Food and Drink International. Archived from the original on December 20, 2016. Retrieved December 8, 2016.
  21. ↑ "sweetFrog Premium Frozen Yogurt". Inc.
  22. ↑ "Boxwood Capital Partners Acquires sweetFrog". GoDanRiver.com. Archived from the original on February 9, 2015.
  23. ↑ Geiger, Jacob. "Chesterfield-based Sweet Frog sold to private equity firm". Greater Richmond Partnership.
  24. ↑ "Boxwood Capital Partners acquires yogurt store sweetFrog". San Diego Union Tribune. February 2, 2015.
  25. ↑ "MTY to acquire sweetFrog Premium Frozen Yogurt for $35m". September 4, 2018.
  26. ↑ "sweetFrog Teams Up with BK Racing, David Ragan". PRWeb. Retrieved October 13, 2016.
  27. ↑ Koelle, Christian (August 31, 2016). "The Motorsports News Source: SweetFrog Returns to sponsor BK Racing, David Ragan at Richmond International Raceway". The Motorsports News Source. Retrieved December 8, 2016.
  28. ↑ "A New DLC Is Set To Be Released For NASCAR Heat Evolution This Coming Week". iDigitalTimes.com. November 20, 2016. Archived from the original on December 15, 2016. Retrieved December 8, 2016.
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