Another national company based in Idaho has been sold. Mrs. Powell's Delicious Cinnamon Rolls moves from Idaho Falls to Massachusetts this week.
Company founders Gayle and Dick Powell of Idaho Falls have sold their franchising operation to new owner Peter Scacia because of financing problems, Dick Powell said last week.The cinnamon roll is still the company's main product, although breads, dinner rolls and holiday items have been added to the menu. Mrs. Powell's moves from Idaho Falls to Franklin, Mass., this week.
Last year, the Diet Center franchising company in Rexburg was acquired by Massachusetts companies CDI Holdings and DC Acquisition Corp.
The company had difficulty raising large amounts of money required to grow as rapidly as it should, Powell said. Mrs. Powell's opened its first store at the Grand Teton Mall in Idaho Falls in 1984. It since has expanded to 48 stores in 18 states.
The Powells will continue to own a small portion of the new company. Dick Powell will become marketing director responsible for franchise sales, and his wife will continue as company spokesman and special-projects coordinator.
Powell, who would not disclose the sale price, said "We're not making a million dollars off the sale."