Passport Restaurants looks for more capital to grow fast-casual brands

ORLANDO, Fla. — Passport Restaurants Inc., a restaurant holding company, announced plans to raise a second round of capital to complete its acquisition and development plan in the casual and fast-casual segments of the U.S. restaurant industry. In making the announcement, Passport Restaurant's Inc. chairman John Creed said the three acquisitions the company made with its initial $3.5 million raised are being positioned for accelerated growth with specific development plans already developed and being implemented. "

Passport Restaurants recent fast-casual acquisitions include: Steve's Pizza, an eight unit fast-casual pizza restaurant chain in the family dining category; and New York NY Fresh Deli, one of America's fast-growing fast-casual sandwich restaurants; and Playa Grill & Margarita Bar, a fast-casual Mexican grill restaurant.

 

Creed said that Steve's Pizza is on course to achieve three-fold growth in franchise units over the next 18 months and that implementation of new marketing and operations management programs to increase system-wide sales and profitability is already underway.