NEWTON Mass. UFood Restaurant Group Inc., the parent to about 12 UFood Grills, closed on a $2.8 million private placement stock offering to help fund the chain’s growth and operations, the company said Friday.
The company completed last month the brand switch from KnowFat! Lifestyle Grill to UFood Grill with the conversion of its Boston-area corporate locations. The chain, founded by veteran restaurateur George Naddaff, is a fast-casual brand that focuses on healthful ingredients and cooking. It highlights the “UBerry” tart soft-serve yogurt, a freshly baked “Falafel Roll-Up” and nutrient-rich “Smuuthies” made with real whole fruit and berries.
The operator and franchisor, which trades on the Over-the-Counter Bulletin Board, posted a net loss of $6.8 million for the nine months ended Sept. 28, on revenues of $4.5 million, according to the company’s latest financial reports. For the same nine months a year earlier, the company netted a loss of $3.9 million, on revenues of $3.9 million.
Contact Sarah E. Lockyer at [email protected].