March 17, 2015
MOD Pizza (“MOD”), the Seattle-based pioneer of fast casual pizza, has announced the first closing of a financing that is expected to exceed $40 million. PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners that invests in growth-oriented, lower middle market companies, was the lead investor, supported by MOD shareholders. Cascadia Capital arranged and served as the advisor to PWP.
The financing brings the total equity raised by MOD to more than $70 million, establishing the company as one of the most well-capitalized, well-positioned emerging fast casual concepts in the country. MOD, which currently operates 32 stores in Washington, Oregon, California, Arizona, Colorado and Texas, plans to double its store base by the end of June and reach 100 locations by the end of 2015.
David Ferguson, co-head of PWP Growth Equity, commented, “Over the past seven years, MOD has diligently built an organization to support significant expansion while maintaining its unique and dynamic culture. With this significant investment, we are confident that MOD will be able to clearly establish itself as the leader in the fast casual pizza category.”
MOD represents another successful transaction for Cascadia Capital in the Consumer & Retail practice. Other notable transactions include, the sales of Ted’s Cafe Escondido, Pacific Coast Restaurants and Super Supplements, and the recapitalizations of Rudy’s Barber Shop and Dave’s Killer Bread.
To learn more, contact:
John C. Siegler
Please complete the form below to access this resource.