Modern Market, a 28-unit fast-casual chain focused on healthy meals under $10, has been acquired by a private-equity group that holds a stake in the Lemonade Restaurant Group.
Details of the transaction with Butterfly Equity, a Los Angeles-based investment firm focused on the food sector, were not disclosed.
“We believe Modern Market’s offering is increasingly representative of the way that modern restaurant-goers prefer to eat,” Dustin Beck, one of Butterfly’s founders, said in a statement.
The acquisition will fuel the brand’s expansion, Modern Market executives said.
Anthony Pigliacampo and Rob McColgan founded the Denver-based chain in 2009 and remain co-CEOs. Modern Market serves bowls, sandwiches, salads and brick-oven pizzas, with a focus on special diets and healthful choices.
Butterfly invests in agriculture, food and beverage products, food distribution and foodservice. The firm invested in Lemonade Restaurant Group in 2016.