Inventure Foods, Inc. and TGI Friday's have agreed to terms on a new long-term licensing agreement that will result in further expansion of the successful TGI Friday's snack line to include new product categories and international distribution. The contract extends the licensing partnership through 2024. Detailed terms of the agreement have not been disclosed.
"TGI Friday's has been a valued partner of ours since we first began our licensing relationship in 2000. This new, expanded agreement is great news for fans of great tasting snacks," said Terry McDaniel, president and chief executive officer of Inventure Foods, Inc., in a prepared statement. "Our original licensing agreement allowed us to develop some of our top-selling snacks to date, yet this new agreement sets the stage for additional growth as it will result in great tasting new products, new product categories and expanded distribution across an international geographic footprint. This is a win for Inventure Foods, TGI Friday's and snack consumers around the world."
The new agreement allows for geographic expansion of the TGI Friday's snack food line into new countries including Canada, Mexico, Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, China, Taiwan, Japan, Philippines, U.K., the E.U., Australia, New Zealand and Saudi Arabia.
Additionally, the new agreement allows Inventure Foods to expand the TGI Friday's snack brand into new snack categories such as popcorn, corn snacks, snack mixes and tortilla chips.
"The TGI Friday's menu provides great inspiration," said Steve Sklar, senior vice president and general manager for Inventure Foods, Inc. "When you take our expertise in innovation and pair it with the original, authentic taste of TGI Friday's, you find the perfect combination for development of delicious, ready-to-eat snacks."
Inventure Foods' line of TGI Friday's snacks first appeared in 2000 as ready-to-eat Potato Skins. The product line has since grown to include Jalapeno Poppers, Cheddar Cheese Crunchy Fries, Onion Rings, Mozzarella Sticks and other menu-inspired snacks. Today, TGI Friday's snack foods are sold at retail outlets nationwide, including club, grocery, value, convenience, mass merchandise and vending channels.
"Our partnership with Inventure is among our successful licensing agreements," said Carl Robie, vice president global strategic sourcing and brand licensing for TGI Friday's. "This new agreement lays the foundation for another decade's worth of great-tasting snack foods that are truly representative of the unique TGI Friday's experience."
