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MOD Pizza closes $40M in financiing

Seattle-based MOD Pizza announced the company closed on financing that is expected to exceed $40 million.

March 6, 2015

Seattle-based MOD Pizza announced the company closed on financing that is expected to exceed $40 million. PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners that invests in lower middle market companies, is the lead investor, supported by existing MOD shareholders, according to the announcement. MOD's total equity is now more than $70 million.

MOD operates 32 stores in Washington, Oregon, California, Arizona, Colorado and Texas. The company plans to double its store base by the end of June and expects to open its 100th store by the end of 2015. Illinois, Missouri, Michigan, Pennsylvania, Maryland, Washington DC, North Carolina and South Carolina are to receive their first MOD locations as part of the plan.

David Ferguson, co-head of PWP Growth Equity, will join MOD’s Board of Directors as part of the financing. The Board contains industry leaders and executives who bring experience from Starbucks, Panera Bread and Dunkin Donuts.