Noodles & Company, the 250-unit, fast-casual restaurant chain, has been acquired by an investment group led by private equity firm Catterton Partners.
Terms of the deal were not disclosed. The investment group also includes Noodles & Company management. Kevin Reddy, the Noodles & Company chief executive, president and chairman, will continue in his role, the Broomfield, Colo.-based chain said in a statement on Tuesday.
“We are pleased to announce this transaction, which delivers immediate value to our current shareholders and reflects the successful alignment, partnership and commitment of our board, employees, franchisees and suppliers,” Reddy said in a statement. “In addition, we are delighted about the opportunity to work with Catterton Partners, which has an outstanding track record of success in building consumer restaurant and retail companies, such as P.F. Chang’s, Baja Fresh, Cheddar’s, Outback Steakhouse, Restoration Hardware, and Build-a-Bear Workshop.”
Reddy added that the deal will help Noodles & Company continue to expand beyond its 18 states and 250 locations, through both corporate restaurants and franchise efforts. Noodles & Company said it booked double-digit annual unit growth and positive annual same-store sales each year during the past five years.
“Noodles & Company is one of the premier growth concepts and leaders in the restaurant industry,” said J. Michael Chu, managing partner of Greenwich, Conn.-based Catterton Partners. “By combining our respective expertise, we believe we can build upon the accomplishments and success of Kevin and his team. We are excited to enter into this partnership and look forward to leveraging our experience in the restaurant sector to capitalize on the significant growth opportunities for Noodles & Company.”
Piper Jaffray & Co. acted as the exclusive financial advisor to Noodles & Company in connection with the transaction.
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