MOD Pizza, a Seattle, WA-based fast casual pizza company, held the first closing on a financing that is expected to exceed $40m.
PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners, was the lead investor, supported by existing shareholders. As part of the financing, David Ferguson and Chip Baird, co-heads of PWP Growth Equity, will join MOD’s Board of Directors.
The infusion of capital, which brought the total equity raised to more than $70m, will allow the company to invest in strengthening the business as they accelerate the opening of company-owned stores across the country.
Led by Scott Svenson, co-Founder and Chief Executive Officer, MOD allows guests to create their own pizzas and salads, using any combination of 30 featured toppings, or they can choose from a menu of MOD classics. Pizzas are hand-cooked in an 800 degree oven in less than 3 minutes and salads are individually hand-tossed for each customer.
It also serves local draft beers, wine, handspun milkshakes, and house-made lemonades and iced teas.
The company currently operates 32 stores in Washington, Oregon, California, Arizona, Colorado, and Texas, and plans to double its store base by the end of June. Before the end of 2015, the company expects to open its 100th store, including the first locations in Illinois, Missouri, Michigan, Pennsylvania, Maryland, Washington DC, North Carolina and South Carolina.
FinSMEs
05/03/2015