Santa Monica-based Veggie Grill has completed its fourth successful round of equity funding, supporting its continuing rapid expansion. Armed with 16 percent same-store-sales growth, a more than doubling of restaurant locations in the most recent year, and strong investor confidence, the company quickly secured the $20 million common stock funding from both current shareholders and new investors, Chief Energizing Officer Greg Dollarhyde, said in a company press release.
He also confirmed that the company is on track to double store count again within the next 18 months. The chain that serves only 100-percent plant-based food now has 16 units throughout California, Oregon and Washington.
A substantial part of the capital raised came from California-based Brentwood Associates, a private equity firm experienced in restaurant investing. Following a previous investment in the last round, Brentwood has secured a substantial minority position in the company as the largest single shareholder. Bill Barnum, partner, and Rahul Aggarwal, managing director, will join the company’s board of directors.
“We are fortunate to have this sizable interest and commitment from Brentwood. They are truly building an expertise and experience base in our industry and we look forward to enjoying the benefit of their counsel for years to come,” Dollarhyde said.
Dollarhyde came on board as CEO in 2011 with a mandate to strategically and aggressively grow the Veggie Grill brand with co-founders T.K. Pillan and Kevin Boylan. Veggie Grill’s total revenue is running more than 100 percent over last year and they are forecasted to open new locations in Los Angeles, Orange County, San Diego and Seattle during the first half of this year.
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