MOD PIZZA RAISES SIGNIFICANT ROUND OF FUNDING
Over $40 million Committed from PWP Growth Equity and Existing
Shareholders to Support National Expansion
SEATTLE, Wash. (March 5, 2015) – MOD Pizza (“MOD”), the pioneer of the
fast casual pizza segment, today announced a significant milestone – the first
closing on 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 existing MOD shareholders. This brings the total equity
raised by MOD to more than $70 million, establishing the company as one of
the most well-capitalized emerging fast casual concepts in the country.
“MOD has always focused on building for the long-term, and this infusion of
capital will allow us to invest significantly in strengthening our business as we
accelerate the opening of company-owned stores across the country,” stated
Scott Svenson, co-Founder and Chief Executive Officer of MOD. “The PWP
Growth Equity team brings an enormous amount of value to MOD, including a
successful track record of developing an impressive list of consumer brands.
Most importantly, they fully embrace the MOD culture and support our
commitment to building a purpose-led organization,” noted Svenson.
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.
Before the end of 2015, the company expects to open its 100th store, including
the first MOD locations in Illinois, Missouri, Michigan, Pennsylvania, Maryland,
Washington DC, North Carolina and South Carolina. Along with a highlyexperienced group of franchise partners, MOD intends to build a national brand
known for its commitment to “service with a purpose.”
David Ferguson, co-head of PWP Growth Equity, stated, “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.”
As part of the financing, David Ferguson and Chip Baird will join MOD’s Board
of Directors, joining a group of industry leaders and executives who bring
experience from such iconic brands as Starbucks, Panera Bread and Dunkin
Donuts.
MODs Board members include:
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Scott Svenson – Co-Founder, Chairman and Chief Executive Officer,
MOD; Co-Founder, Seattle Coffee Company and Carluccio’s Ltd; Former
President, Starbucks Europe
Ally Svenson – Co-Founder, Vice President of Marketing, MOD; CoFounder, Seattle Coffee Company and Carluccio’s Ltd
Jim Alling – Chief Operating Officer, T-Mobile; Former President,
Starbucks International and Starbucks North America
Nader Naini – Founding General Partner, Frasier Healthcare Ventures
Lindsey Schwartz – Chief Executive Officer, Schwartz Brothers
Restaurants and Bakery
MODs Advisory Board members include:
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Gerry Adams – Partner and Head of Hospitality Group, Peterson Sullivan
Howard Behar – Former President, Starbucks North America and
Starbucks International
Adam Brotman – Chief Digital Officer, Starbucks; Founder, PlayNetworks
Paul Twohig – President, Dunkin Donuts; Former Chief Operating Officer,
Panera Bread; Former Senior Vice President, Starbucks
Chip Baird, co-head of PWP Growth Equity, commented, “Scott has assembled
a very high-quality leadership team supported by an impressive group of
advisors and shareholders who bring incredible industry experience. Over the
past few months, we have had an opportunity to spend significant time with
the team, getting to know them and their vision for the business. We are
pleased to be partnering with MOD to support them during this exciting phase
of growth.”
Cascadia Capital acted as advisor to PWP Growth Equity.
ABOUT MOD PIZZA
MOD’s individual artisan-style pizzas are made on demand, using organic freshpressed dough and signature sauces. Guests can create their own pizzas and
salads, using any combination of 30 featured toppings, or they can choose
from a menu of MOD classics. Pizzas and salads are the same price regardless
of the number of toppings. Pizzas are hand-cooked in an 800 degree oven in
less than 3 minutes and salads are individually hand-tossed for each customer.
MOD also serves local draft beers, wine, handspun milkshakes, and house-made
lemonades and iced teas.
Founded in 2007 by Scott and Ally Svenson, MOD was inspired by the couple’s
love of Italian street-style pizza, their desire for authentic, affordable and fast
dining options for their busy family and the idea that a great company could be
built around people. The company has been recognized as one of the “Top 50
Breakout Brands” by Nation’s Restaurant News, named one of the “Fastest
Growing Private Companies in America” by Inc. Magazine, ranked as a “Fastest
Growing Private Company” (2013 and 2014) by the Puget Sound Business
Journal and named one of “Washington’s Best Work Places” by the Puget
Sound Business Journal (2013 and 2014). www.modpizza.com The MOD
Difference Video
ABOUT PWP GROWTH EQUITY
PWP Growth Equity is a private equity fund, managed by Perella Weinberg
Partners Capital Management LP, focused on growth-oriented, lower middle
market companies, primarily in the United States, across the consumer, services
and industrial sectors. PWP Growth Equity seeks to partner with existing
owners and management teams, providing both capital and experience in a
tailored and flexible structure, to support the growth plans and visions for value
creation.
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MOD PIZZA MEDIA CONTACT:
Charlotte Wayte
Limelight Partners
206.261.4963
charlotte@limelightpartners.com
PWP GROWTH EQUITY MEDIA CONTACTS:
Kara Findlay
Perella Weinberg Partners
212.287.3197
Denise DesChenes / Renee Soto / Cassandra Bujarski
Sard Verbinnen & Co
212.687.8080