MOD Pizza, Operator Of 3 Austin Sites, Gets $73M In New Financing

AUSTIN, TX — Seattle-based MOD Super Fast Pizza Holdings — which operates three local eateries — announced it's raised $33 million of additional equity while closing a new $40 million credit facility, setting the stage for possible expansion.

A pioneer of fast casual pizza, the 399-store chain made the announcement on Tuesday. Officials said the latest equity funding brings the company's total equity capital raised so far to more than $185 million. The financing is expected to support MOD's continual growth this year as it bolsters its presence in existing markets and the United Kingdom, company officials said.

The $33 million equity investment was led by existing investors, including PWP Growth Equity and Fidelity Management & Research Company, according to company officials. The $40 million credit facility was arranged by Keybanc Capital Markets, Inc. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers and book runners, and joined by Raymond James, officials added.

“We are extremely grateful to Keybanc Capital Markets, SunTrust Robinson Humphrey, Inc., Raymond James and our growing group of equity investors, led by PWP Growth Equity and Fidelity, for their support and belief in MOD,” said Scott Svenson, co-founder and CEO of MOD. “As we enter our tenth year and celebrate the opening of our three hundredth store, we are more energized than ever before about the incredible opportunity in front of us. While it is rewarding to be recognized by our customers as the most loved pizza brand[2] and the number one mid-sized restaurant chain in the U.S.[3], it is the social impact that we are making that provides us with the most gratification. This funding will allow us to continue to grow our business and Spread MODness in 2018 and beyond.”

In 2017, MOD opened 110 stores system-wide, growing its store base by over 57% as it expanded into seven new states. The chain also has distinguished itself through philanthropy — particularly through its annual Spreading MODness Week — donating in November 2017 more than $364,000 to Generosity Feeds. Working together, the company and charity plan to 40 meal-packing events around the country with the goal of generating over half a million meals for kids struggling with hunger, officials said.

The company operates three area sites in Austin at 1920 E Riverside Dr, Suite D-100; 1801 E. 51st St, Building D, Suite 410; and 701 S Capital of Texas Highway, Suite F-600 in West Lake Hills, Texas.

A public relations practitioner alerting Patch to the company's new financing declined to reveal if the Austin market would be part of any expansion plans, but assured he'd provide further updates.

ABOUT MOD (provided text):

MOD Pizza is a pioneer of the fast-casual pizza segment, founded in Seattle in 2008 by entrepreneur husband and wife team Scott and Ally Svenson. MOD’s individual artisan-style pizzas are made on demand, allowing customers to create their own pizzas and salads, using fresh-pressed dough, signature sauces and over 30 toppings, all for one incredible price.

With more than 300 locations system-wide across 27 states and the United Kingdom, MOD is committed to creating not only a cool place to eat, but an inspired place to work. The company was recently recognized as the number one mid-sized restaurant chain in the US in the October 2017 Fishbowl Buzz Brands Report, named as the most loved pizza brand by Foodable Network in its May 2017 Most Loved Brands Report, has been ranked as America’s fastest growing chain restaurant by Technomic, earned a spot on the Inc. 500 list, and was recognized by Fortune as one of the “20 Best Workplaces in Retail,” a “Best Workplace for Women,” a “Best Workplace for Millennials,” and a “Best Workplace for Diversity.” For more information, please visit www.modpizza.com or connect with the brand via Facebook, Twitter or Instagram.

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