Restaurant chain Mod Super Fast Pizza Holdings raised $160m in equity financing.
The round, which brought total funding raised to date to approximately $339m, was led by Clayton, Dubilier & Rice, with participation from current investor Fidelity Management & Research Company. In conjunction with the funding, Ken Giuriceo, CD&R Partner, and Paul Pressler, CD&R Partner and former CEO of Gap Inc. and senior Disney executive, will both join the MOD Pizza board of directors.
The company intends to use the funds to maintain its growth across existing and new markets in the US and internationally, and accelerate initiatives to grow digital ordering channels, off-premise solutions, its loyalty program (MOD Rewards) and personalized marketing programs.
Founded in Seattle in 2008 by entrepreneur husband and wife team Scott and Ally Svenson, Mod Pizza serves individual artisan-style pizzas and hand-tossed salads, made on demand, using any combination of over 30 toppings. The company operates 433 locations system-wide across 28 states and the United Kingdom and expects to reach approximately 1,000 locations over the next five years.
The latest funding comes as Mod posted $398 million in system-wide sales and added 102 new locations in 2018.