Passport Restaurants seeking $10M for fast-casual development

ORLANDO, Fla. — Passport Restaurants Inc., a restaurant holding company, announced that it has retained a New York investment banking firm to assist the company in raising a second round of capital to complete its acquisition and development plan in the casual/fast-casual segments of the U.S. restaurant industry.

 

Chairman John Creed said in a news release that the company hopes to raise up to $10 million in this secondary stock offering.

 

Passport Restaurants has made a number of acquisitions with the $3.5 million in initial seed capital which the company raised, including: Steve's Pizza, an eight unit fast-casual pizza restaurant chain in the family dining category; New York NY Fresh Deli, one of America's fast-growing sandwich restaurants; and Playa Grill & Margarita Bar, a quick-casual Mexican grill restaurant.

 

Creed said aggressive plans are underway to increase the New York NY Fresh Deli franchise system by 200 percent and Steve's Pizza's three-fold, as well as to begin growing Playa Grill & Margarita Bar with company restaurant expansion early next year.