Z Capital Partners became the sole owner of Famous Brands according to a report on Monday. Already the company's majority shareholder, Z Capital Partners acquired Famous Brands when it bought the remaining minority shares from The Carlyle Group.

Because of this acquisition, Neal Courtney became CEO of the company and has joined its Board of Directors. Other changes in the Board of Directors included the following: James J. Zenni became Chairman of the Board and Homi Patel became Operating Partner at Z Capital.

Regarding the acquisition, Mr. Zenni says, "The Company has made great strides over the past several years in developing a strong foundation for growth and success. We are committed to aggressively supporting the business globally to build on the momentum it has gained and help it become more successful in the future. We are confident that, with Neal Courtney and his experience leading our talented management team, Famous Brands will continue to grow these two iconic brands and realize tremendous expansion across all of its global channels."