Orange Julius agreed to sell two large units.

Under the agreement, Orange Julius International agreed to sell Orange Julius of America and Orange Julius Canada Ltd. for $19 million in cash and notes. The purchaser is HC Holdings, a recently formed company owned by the merchant banking firm of Branford Castle Inc., members of the company’s management and certain shareholders of Orange Julius International. The transaction also includes warrants to buy 10% of HC Holdings’ common equity and the right of New York-based Orange Julius International to get 20% of certain royalties received by Orange Julius of America under a proposed licensing program.