A group running 120+ Papa Murphy's and Crumbl Cookies locations signed a multi-unit deal for HB Protein Smoothies in Boise, Phoenix, and Portland. The franchisee profile suggests the unit economics passed a seasoned operator's stress test.
Alpha Score of 47 reflects weak overall profile with moderate momentum, weak value, weak quality, moderate sentiment.
A group of franchise operators who together run more than 120 locations across Papa Murphy's and Crumbl Cookies has signed a multi-unit agreement to bring HB Protein Smoothies to three new markets. Jim and Brandon Lovelace, Ed Holmes, and Chris Phillips will open stores in Boise, Phoenix, and Portland, the company said Thursday.
The deal adds to a development pipeline that already includes Gilbert, Arizona, California, Florida, and British Columbia. HB Protein Smoothies now has more than 200 units in development, according to the press release.
Phillips said his family is the longest-tenured Papa Murphy's franchisee, starting in 1981, while the Lovelaces are the system's largest operator. The group had expanded their existing territories as far as they could and began looking for a new concept, Phillips said in a statement.
The operator interest is one piece of the story. The other is the broader shift toward higher-protein, lower-sugar food options, something Phillips explicitly cited as supporting the decision. “We really believe in this product and what it's providing the community at large,” Phillips said. “HB is uniquely positioned for significant growth.”
Fransmart, the franchise development firm known for scaling Five Guys and The Halal Guys, brokered the deal. Fransmart CEO Dan Rowe said the group moved quickly because they saw the unit economics. “When experienced operators see the unit level EBITDA and opportunity, they move,” Rowe said.
The simple read is that HB Protein Smoothies is signing franchisees. The deeper read is that the franchisees who signed are among the most experienced in the QSR space, which lends weight to the brand's profitability claims. This group is not a first-time operator experimenting. They are deploying capital they have already earned from multiple successful concepts.
That does not guarantee success. HB Protein Smoothies is competing in a crowded smoothie and health-drink market. Scaling even a high-margin concept requires execution across supply chain, real estate, and marketing. The franchisee profile suggests the unit-level numbers passed a seasoned operator's stress test.
Phillips said the three initial territories are “just the beginning,” and the group is already evaluating additional markets. “Hopefully, that lives to be true, and we can continue to expand with HB and create a long-term partnership,” he said.
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