BROOMFIELD Colo. New York-based hedge fund Och-Ziff Capital Management Group has purchased a minority equity stake in privately held Noodles & Company for an undisclosed amount, Noodles officials said Tuesday.
Noodles, which is based here and operates 123 fast-casual restaurants and franchises another 28 in 14 states, said that it had completed a recapitalization of its business through a stock tender offer by Och-Ziff that began in late May. Och-Ziff’s investment will help the chain in its goal to expand to more than 500 restaurants in the next five to seven years, Kevin Reddy, Noodles chief executive and president, said in a statement. Noodles has opened 14 restaurants this year and expects to add more than 35 additional units by December, Reddy said.
Och-Ziff was founded in 1994 by Daniel Och, a former Goldman Sachs trader, and members of the Ziff publishing family. The firm, which has offices in New York, London and Hong Kong, currently manages assets in excess of $26.8 billion.
Founded in 1995, Noodles & Company offers Asian-, Mediterranean- and American-influenced noodle dishes cooked to order.