Los Angeles, April 24, 2017 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc. (OTCQB: GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, has engaged PacificShore Ventures (PacificShore), a global specialty finance and M&A firm, to explore potential synergistic acquisition opportunities.
“Those that have followed Giggles N’ Hugs know that we have plans to develop and launch a full line of complementary merchandise under our growing brand. This relationship with PacificShore could help us jump-start this segment of our business,” commented Joey Parsi, CEO. “Acquisition targets that we plan to look at could include food companies, with established distribution, that expedite the launch of our frozen food line of pizzas, pastas, and other kids’ meals in which we infuse healthiness by pureeing vegetables and hiding it in kids favorite meals, similar to what California Pizza Kitchen and Wolfgang Puck have done with their frozen meals that are available at the local supermarket.”
"Because of the generous tenant improvements we are being offered by the biggest mall owners in the country, our focus is and will remain with opening new locations where mall owners pay for most if not all the build out costs, however we could also look at other play spaces that host birthday parties, children’s clothing companies, toy manufacturers, or even other restaurant concepts that could be either synergistic and or easily converted to a Giggles N Hugs location,” Parsi stated. "Our current plan is to have the existing management teams of any acquired company stay in place so that we are not distracted from our priority of growing our footprint.”
The Company is targeting companies which are cash flow positive and have minimum annual revenue of $5 million or more. PacificShore has been tasked with identifying and creating target company profiles, introducing, initiating negotiations, and ultimately facilitating the closing of such potential companies and to introduce traditional banking relationships for the Company to fund the acquisitions.
"We are excited to work with Giggles N’ Hugs and explore opportunities in the M&A world to accelerate their growth. We believe Giggles is in the right position and has the right management to acquire and integrate companies to benefit their shareholders in the short and long term," Mason Habib, Founder & Managing Partner of PacificShore Ventures, stated.
“If and when we complete an acquisition, we anticipate that it will allow us to expedite our plans to up list to a national exchange as well as being accretive to our top and bottom line numbers,” Parsi stated. “Driving shareholder value will be a key focus as we explore potential acquisition targets with PacificShore. Executed well, this strategy should positively impact our growth prospects in the near-term,” concluded Parsi.
About Giggles N’ Hugs
Giggles N' Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N' Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
About PacificShore Ventures
PacificShore Ventures is a global specialty M&A intermediary firm committed to innovation, strategy, and teamwork. We provide strategic solutions for private equity, small, mid-market and venture-backed businesses in every sector. We excel at finding the right target, recognizing and presenting synergies between the buy side and the sell side. Our methods create a tangible impact and new value for all our clients.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.