The fast-growing MOD Pizza said its existing investors are putting another $33 million into the fast-casual chain to fund expansion in 2018.
The sale of the undisclosed stake coincided with the closing on a $40 million credit facility that will also be used to open stores, the chain said.
The additional equity came from such stakeholders as PWP Growth Equity and Fidelity Management & Research.
“As we enter our 10th year and celebrate the opening of our 300th store, we are more energized than ever before about the incredible opportunity in front of us,” co-founder and CEO Scott Svenson said in a statement.
Svenson opened the first MOD Pizza in 2008 with his wife, Ally. The chain claims to be the largest in the fast-casual sector, and estimates the total equity capital invested in the concept at $185 million.
MOD said it opened 110 stores last year. The rapid expansion and faster growth in systemwide sales earned the chain the 2017 Pacesetter Award from Restaurant Business and Hormel. The honor recognizes the chain that has done the most outstanding job among up-and-coming brands of realizing its growth potential.
The brand had systemwide sales of about $150 million in 2016, according to Technomic data.
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