Friendly's Largest Franchisee Hires Strategic Advisor, Mastodon Ventures, Inc.

  
    
  
  
    
      Kessler Family, LLC, the largest franchisee of Friendly Ice Cream 
      Corporation (AMEX:FRN), today announced that it has retained Mastodon 
      Ventures, Inc. as its advisor to explore strategic alternatives, 
      including the acquisition of some or all of the assets of Friendly Ice 
      Cream Corporation should such assets be offered for sale.
    
    
      About Kessler Family, LLC
    
    
      Kessler Family, LLC is Friendly Ice Cream Corporation’s 
      largest franchisee. Kessler Family, LLC owns and operates 46 restaurants 
      representing twenty percent of the total number of Friendly’s 
      franchised restaurants. Kessler was founded by brothers, Laurence and 
      Dennis Kessler. The Kessler restaurants are located in upstate New York.
    
    
      About Mastodon Ventures, Inc.
    
    
      Mastodon Ventures, Inc. is a middle market M&A advisory firm located in 
      Austin, Texas. Mastodon’s restaurant, food, 
      and franchise practice closed several transactions during the second 
      half of 2006, including representing Acon Investments, LLC as buy-side 
      advisor on its purchase of Peter Piper Pizza, representing the Nath 
      Companies as sell-side advisor for the sale of 88 Burger King 
      restaurants, and acting as the strategic advisor to South Pacific 
      Partners, Ltd. on its raise of capital in support of opening Hooters 
      restaurant franchises in Australia and New Zealand.