Raving Brands recapitalizes $25MM, appoints president

ATLANTA — Raving Brands, the Atlanta-based multi-brand restaurant franchise company, announced the promotion of Stephen M. LaMastra to president and chief operating officer, along with a $25 million recapitalization with Wells Fargo for its Moe's Southwest Grill brand.

 

According to a news release, the two actions were undertaken to enhance Raving Brands' corporate structure for continued growth, and to strengthen Moe's Southwest Grill's position as a leader in the fast-casual arena.

 

LaMastra took over management of day-to-day operations for Raving Brands in 2005 and has been instrumental in restructuring and focusing on real estate, store development, operations, financing, franchise sales and development and marketing within the company. According to a news release, founder and chief executive Martin Sprock will retain his position.

 

Before joining Raving Brands, LaMastra served as senior vice president of corporate strategy, as well as general counsel, for Washington, D.C.-based Ritz Camera Centers.