Thrive Restaurant Group has acquired the 29-unit fast-casual Modern Market Eatery brand from Butterfly Equity, the company confirmed.
Wichita, Kan.-based Thrive operates more than 200 restaurants in 18 states, including Applebee’s Neighborhood Grill franchised units, Bakesale, Carlos O’Kelly’s, HomeGrown and Qdoba.
It had been a franchisee of Modern Market since 2022, and decided to buy the concept from Beverly Hills, Calif.-based Butterfly Equity, officials said. Terms of the acquisition were not disclosed.
Modern Market has restaurants in Colorado, Kansas, Missouri, and Texas, with licensed locations in Colorado, Georgia, Indiana, and Massachusetts.
Butterfly Equity also operates the Qdoba Mexican Eats brand, which it acquired from Apollo Global Management in 2022.
Butterfly merged Qdoba with the holding company Modern Restaurant Concepts, which included the smaller brands Lemonade and Modern Market Eatery.
“We have believed in Modern Market and its people since we first had an opportunity to become a franchisee,” said Jon Rolph, CEO of Thrive, in a statement, “the culinary innovation focused on fresh, healthy options is positioned to become a leader in this space.”
Modern Market was created in 2009 by founders Anthony Pigliacampo and Rob McColgan with a vision to make fresh, wholesome food from scratch.
Robin Robison, current chief operating officer of Modern Market, will assume the role of president of the brand for Thrive, the company said.
“Jon and the Thrive team have been a great partner, and together I am confident we will guide this brand into the future with a focus on the incredible people who have made this company so special,” said Robison.
Thrive Restaurant Group had previously purchased three Modern Markets in Austin, Texas, and has built two Modern Markets in the Kansas City area. The acquisition expands the Thrive holdings into seven states, operating 24 restaurants and five licensed locations.
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