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UPDATED: Raving Brands to sell Moe's to Schlotzsky's parent

ATLANTA Raving Brands has agreed to sell its Moe's Southwest Grill LLC division, franchisor of the namesake burrito chain, to Focus Brands, parent of the Schlotzsky's, Cinnabon and Carvel regional chains. Terms were not disclosed, but Focus president and chief executive Steve Romaniello said the purchase would be a cash transaction. A source close to the deal who asked to not be identified said that Focus will pay between $120 million and $140 million, or 10 times Moe’s earnings

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