Chipotle invested $2.3 million in Soul Daddy

 
July 4, 2011

An SEC filing with the Securities and Exchange Commission revealed that Chipotle invested $2.3 million in America's Next Great Restaurant, Soul Daddy. Meanwhile, Chipotle founder and co-CEO Steve Ells personally invested $220,000 into the chain, which closed each of its three locations one month after opening. (Read, Soul Daddy: Why it closed)

According to the filing, Chipotle made the $2.3 million cash contribution to ANGR Holdings Inc. in exchange for equity interest. The company also agreed to "provide a variety of corporate and administrative services to the entity in connection with its operations."

While the show's four judges/investors, Bobby Flay, Curtis Stone, Lorena Garcia and Ells, have not publicly revealed the level of their investments in Soul Daddy, sources say each one was expected to contribute the same amount for a total of $880,000 (with Chipotle investing an additional $2.3 million).

Upon winning as America's Next Great Restaurant in May, Soul Daddy opened locations in New York, Los Angeles and in Minnesota's Mall of America. Two of those locations closed in early June with the Minnesota location closing a few weeks later.

Soul Daddy was the brainchild of Detroit resident Jamawn (Jay) Woods, 34. The restaurant’s original premise was soul food such as fried chicken and waffles; however, several menu changes were made to reflect a healthier offering of items.

Read also, America's Next Great Fall Guy.


Topics: Business Strategy and Profitability , Financing and capital improvements , Franchising & Growth


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