Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) today announced
that it has completed its previously announced sale of $35.0 million in
convertible preferred stock. The convertible preferred stock becomes
redeemable by Jamba, Inc. at the election of the purchasers in June 2016
unless converted earlier and includes an 8% annual dividend. The
preferred stock is convertible into common shares at a price of $1.15
per share.
The funding was led by a $19.55 million investment by Mistral Equity
Partners, a private equity fund focused on consumer products and
services companies, with the remaining $15.45 million investment made by
a company controlled by the Serruya family, a successful entrepreneurial
Canadian-based family.
"We are pleased to have completed this financing, which will be used to
repay our senior term note and provide us greater financial flexibility
to execute our BLEND plan," said James D. White, President and Chief
Executive Officer of Jamba, Inc. “With the closing of this transaction
we also have the added benefit of three additional members joining our
Board whom we believe will contribute tremendously to the Company’s
success.”
Effective upon the closing of the transaction, Andrew R. Heyer, Beth L.
Bronner, and Michael Serruya joined the Board of Directors.
Andrew R. Heyer
Mr. Heyer is the Chief Executive Officer and a Managing Director of
Mistral Equity Partners. Mr. Heyer currently serves on the Board of
Directors of The Hain Celestial Group, Inc., Shearer's Foods, Inc., and
El Pollo Loco, Inc. He was previously Vice Chairman of CIBC World
Markets and a founding partner of Trimaran Capital Partners. Mr. Heyer’s
background and previous board experiences with nationally recognized
brands will be a valuable asset as the Company continues to transform
and grow the Jamba brand.
Beth L. Bronner
Ms. Bronner is a Managing Director of Mistral Equity Partners. Ms.
Bronner currently serves on the Board of Directors for Assurant, Inc.
and The Hain Celestial Group, Inc. She also serves on the boards of
several not-for-profit organizations. Ms. Bronner is a senior business
leader with an outstanding track record delivering strong, profitable
revenue and market share growth for marquee brands including Jim Beam,
Revlon, Nabisco, AT&T, Häagen-Dazs, and Citibank. She has also
demonstrated success in change management, business turnarounds,
organization restructuring, and high-performance team building. Ms.
