SEATTLE, Jan. 09, 2018 (GLOBE NEWSWIRE) -- MOD Super Fast Pizza Holdings, LLC (“MOD Pizza”, “MOD” or the “Company”), a pioneer of fast casual pizza, today announced that it has raised $33 million of additional equity and closed a new $40 million credit facility. The latest equity funding brings the company’s total equity capital raised to date to more than $185 million. These financings are expected to support MOD’s continued rapid growth in 2018, bolstering its presence in its existing markets across the U.S. and U.K. With the recent opening of its 300th system-wide[1] location, MOD continues to lead the fast casual pizza segment.
The $33 million equity investment was led by existing investors, including PWP Growth Equity and Fidelity Management & Research Company. The $40 million credit facility was arranged by Keybanc Capital Markets, Inc. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers and book runners, and joined by Raymond James.
“We are extremely grateful to Keybanc Capital Markets, SunTrust Robinson Humphrey, Inc., Raymond James and our growing group of equity investors, led by PWP Growth Equity and Fidelity, for their support and belief in MOD,” said Scott Svenson, co-founder and CEO of MOD. “As we enter our tenth year and celebrate the opening of our three hundredth store, we are more energized than ever before about the incredible opportunity in front of us. While it is rewarding to be recognized by our customers as the most loved pizza brand[2] and the number one mid-sized restaurant chain in the U.S.[3], it is the social impact that we are making that provides us with the most gratification. This funding will allow us to continue to grow our business and Spread MODness in 2018 and beyond.”
In 2017, MOD opened 110 stores system-wide, growing its store base by over 57% as it expanded into seven new states. With more than 6,000 MOD Squaders system-wide, MOD is known for its people-first culture and its commitment to provide opportunities to individuals who often face barriers to employment. Through its annual Spreading MODness Week in November 2017, MOD along with its franchisees, donated more than $364,000 to Generosity Feeds. Together, MOD and Generosity Feeds will host 40 meal-packing events around the country with the goal of generating over half a million meals for kids struggling with hunger.
[1] System-wide includes all company-operated and licensed store locations.
[2] Foodable Network, May 2017 Most Loved Brands Report.
[3] Fishbowl Buzz Brands Report October 2017.
ABOUT MOD
MOD Pizza is a pioneer of the fast-casual pizza segment, founded in Seattle in 2008 by entrepreneur husband and wife team Scott and Ally Svenson. MOD’s individual artisan-style pizzas are made on demand, allowing customers to create their own pizzas and salads, using fresh-pressed dough, signature sauces and over 30 toppings, all for one incredible price. With more than 300 locations system-wide across 27 states and the United Kingdom, MOD is committed to creating not only a cool place to eat, but an inspired place to work. The company was recently recognized as the number one mid-sized restaurant chain in the US in the October 2017 Fishbowl Buzz Brands Report, named as the most loved pizza brand by Foodable Network in its May 2017 Most Loved Brands Report, has been ranked as America’s fastest growing chain restaurant by Technomic, earned a spot on the Inc.500 list, and was recognized by Fortune as one of the “20 Best Workplaces in Retail,” a “Best Workplace for Women,” a “Best Workplace for Millennials,” and a “Best Workplace for Diversity.” For more information, please visit www.modpizza.com or connect with the brand via Facebook, Twitter or Instagram.