Pinkberry opened its first location in West Hollywood back in 2005, kicking off the frozen yogurt craze by catering to people who love ice cream but want to pretend that they're healthy.
Now, Cold Stone Creamery parent Kahala Brands, which owns 18 restaurant brands total, has acquired the chain. No terms of the agreement have been disclosed, but Kahala plans to consolidate the frozen yogurt chain's corporate operations in Santa Monica and run the franchising platform from Scottsdale, Arizona, according to the LA Times.
Pinkberry has more than 260 stores in 20 countries. Since the trend first took off, the $2-billion frozen yogurt industry has become saturated with competition.
On top of that, last year the company's co-founder, Young Lee, ran into trouble when he was convicted for beating a homeless man in LA with a tire iron and was sentenced to seven years in prison.
For a 10th anniversary PR boost, Pinkberry offered small frozen yogurts for 10 cents, which many people—including us—considered a desperate move to stay relevant. They also tested out self-serve machines earlier this year, which was made popular by competitors like Yogurtland.