Smoothie King
|
Be good to yourself | |
| Private | |
| Founded | 1973 in Kenner, Louisiana |
| Founder |
Steve Kuhnau Cindy Kuhnau |
| Headquarters | Metairie, Louisiana |
Number of locations | 600+ worldwide[1] |
Key people | Wan Kim, CEO |
| Revenue | $160.00 million systemwide[2] |
| Website | smoothieking.com |
Smoothie King is a smoothie food retailer that caters blended fruit-based drinks. First opening in 1973 as a stand-alone vitamin shop in Kenner, Louisiana, Smoothie King now encompasses over 600 locations.
History
Working as a soda jerker in his teenage years, Steve Kuhnau, founder of Smoothie King, found himself unable to digest the malts, shakes, and floats he was preparing due to a lactose intolerance. Consequently, he formulated a smoothie in his kitchen as an alternative to other ice cream-based drinks of the era. Shortly after his first store opened in Kenner, Louisiana, in 1973, other stores opened in the New Orleans metropolitan area, and subsequently in Washington, D.C. and 32 other states. Kuhnau began to franchise the Smoothie King name and business in 1989.[3] Smoothie King's 30-year anniversary, in 2003, was commemorated with their first international franchise, in South Korea.[4]
In July 2012, Steve and Cindy Kuhnau sold the company to Wan Kim and Standard Chartered bank. Kim borrowed $58 million from Standard Chartered.[5] In November, the company announced that it would move its headquarters from Covington, Louisiana, to Metairie, in Jefferson Parish, near the company's first store in Kenner. The company cited a $2.4 million promised incentive from the Louisiana Department of Economic Development for its decision to stay in the state.[6]
Competitors
Since 1989, Smoothie King has been named #1 franchise in its category 17 times by Entrepreneur Magazine.[7]
Sponsorships
On February 5, 2014, the New Orleans Pelicans of the National Basketball Association announced that they had reached a 10-year sponsorship agreement to rename the New Orleans Arena as Smoothie King Center. The arena had been one of only three NBA arenas without a naming rights sponsor. Smoothie King owner Wan Kim said the deal would allow the company to show its commitment to New Orleans while also promoting its brand worldwide.[8]
See also
References
- ↑ The Story of Smoothie King — Smoothie King
- ↑ ESPN New Orleans Pelicans Arena Sponsorship Story
- ↑ Hoovers company factsheet
- ↑ Hoovers company factsheet
- ↑ Carol Tice, "Flush With Cash, a Chain's New CEO Plots Smoothie Domination", Forbes, November 5, 2012.
- ↑ Drew Broach, "Smoothie King takes $2.4 million state sweetener to move to Metairie", Times-Picayune, November 20, 2012.
- ↑ Smoothie King - Franchise Information - Entrepreneur.com
- ↑ "Pelicans will play in Smoothie King Center", Associated Press in USA Today, February 6, 2014.
Nestle, Marion. Food Politics: How the Food Industry Influences Nutrition and Health. Los Angeles: University of California Press, 2003.