It looks like former McDonald's executives Mike Roberts and Mike Donahue have landed on a fast casual concept slated to open in Palo Alto, Calif., this summer.
The pair first announced in July the development of a new restaurant concept with a focus on providing healthier menu items such as steel cut oats.
Through a partnership with Oprah Winfrey's former personal chef Art Smith, the group has decided to launch and open Lyfe Kitchen (Love Your Food Everyday).
According to a story in the Chicago Tribune, a handful of locations are expected to open in Northern California after the initial Palo Alto launch. Additionally, the plan is to open as many as 250 restaurants over the next five years.
Mike Roberts, who previously served as McDonald's president and COO, will be the concept's chief executive. Meanwhile, Mike Donahue, the former chief communications and external relations officer for McDonald's USA, will act as chief communications officer.
Roberts and financial backer entrepreneur Steve Sidwell will hold the largest stakes in Lyfe Kitchen. Initial reports speculated the restaurant would be called Stephanie after Sidwell's daughter.
From the Chicago Tribune:
An angel round of funding has been completed, which covers development of the brand through the opening of the first restaurant. In addition to friends and family, investors include Thomas Tull, chief executive of Legendary Pictures, which produced "The Dark Knight," "The Hangover" and "Inception," and Jim Wiatt, former chairman of William Morris Entertainment.
The company plans to undertake a second round of funding after the first restaurant opens.
Roberts said the company is pursuing a "Chipotle model," for growth.
