Matchbox, an 11-unit Washington, D.C.-based pizza chain that has struggled in recent years, received an $11 million investment from Thompson Hospitality Corp., giving Thompson the controlling stake in the casual-dining brand, Matchbox CEO Harvey Metro told Restaurant Business on Tuesday.
Effective immediately, Thompson will manage the Matchbox concept while keeping the existing executive team, Metro said, with no layoffs on the agenda. Thompson now owns 51% of Matchbox Food Group, he said.
The deal gives Matchbox the resources necessary for forward momentum, he said, with an eye on opening two to three new units a year in the coming years. Growth will be focused on the chain’s existing footprints in Washington, D.C., Florida and Dallas, he said, with units capped at 5,000 to 6,000 square feet.
“Our objective will be to start our growth plan again, but with the right size, right budget and responsibly built restaurants,” Metro said.
Thompson has extensive experience in nontraditional restaurant spaces, including airports and colleges and universities.
“That’s one part of the attraction,” he said.
It’s been a rocky several years for Matchbox, which has seen three CEOs since the end of 2016. The brand’s founders, Ty and Mark Neal, filed suit against several investors, claiming they conspired to oust the Neals from the restaurant chain. In April, a judge dismissed the lawsuit.
Then, last October, the Matchbox Food Group sold off its five-unit Ted’s Bulletin casual-dining chain to Salis Holidings, an investment firm headed by &pizza’s co-founder, giving Matchbox the capital necessary to keep running.
Metro said he doesn’t expect Thompson to make any major changes to the Matchbox brand. The chain is rolling out a new bar menu in the next couple of months and plans to increase the number of specials it offers.
“In the last year, we shrunk our menu a bit as part of the stabilization process,” he said. “Now we have the systems and processes and people in place to expand the menu responsibly.”
Thompson runs a number of other restaurant concepts, including Austin Grill and American Tap Room.
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