News

Mod Pizza scores $160M in financing to grow

May 23, 2019

Mod Super Fast Pizza Holdings LLC this week announced a $160 million equity financing to grow the chain. The financing is being  led by private investment firm, Clayton, Dubilier & Rice, with participation by Fidelity Management & Research Company, as well. A news release said that CD&R Partner Ken Giuriceo and CD&R Partner and former Gap Inc. CEO Paul Pressler will both join the brand's board of directors.  

Last year, Mod posted $398 million in system-wide sales and added 102 new locations. The chain has raised about $339 million of equity to date. 

The additional capital will go toward global growth beyond its current 433 locations system-wide to a planned 1,000 total locations over the next five years. It also plans to enhance its off-premise and digital capabilities, and investigate ways to make a social impact. 

"This investment is further validation of our belief that profit and positive social impact can co-exist," Mod Pizza CEO Scott Svenson said in the release. 

J.P. Morgan acted as sole placement agent to Mod in connection with the private placement.