Four Foods Group (FFG), a restaurant development, investment and management company, raised more than $32m in growth funding.
CIT (NYSE: CIT), a provider of commercial lending and leasing services, provided $22.7m for acquisition financing with the remaining approximately $10m coming through private investors and current FFG shareholders.
The funds will be used to expand FFG’s business operations and relationships across multiple brands by utilizing its established restaurant development and operating processes, expertise, systems and relationships to accelerate the growth of emerging and established restaurant brands and concepts across the nation.
Led by Andrew K. Smith, Chief Executive Officer, Four Foods Group operates 44 Kneaders restaurants throughout the Western United States with four additional units currently under construction. It also owns majority interests in the growing R&R Barbeque and Soda Shop brands.
The restaurant group is expected to generate $150 million in annual revenues.