The fast-casual MAD Greens concept has received a $13 million second serving from an investment group led by the Coors family that will pave the way for the chain to double in size next year, company executives said Tuesday.
The $13 million investment comes from parent company AC Restaurant Group, a subsidiary of investment firm 9th Street Capital, based in Golden, Colo., said Marley Hodgson, MAD Greens co-founder and chief strategy officer.
The move follows a $5 million investment AC Restaurant Group made in MAD Greens two years ago, which came in addition to the purchase of a majority stake in the Denver-based chain. Terms of that deal were not disclosed.
AC Restaurant Group was an entity created by the Coors family in a move to diversify its holdings. As a result of the earlier deal, Darden Coors, an attorney and fifth-generation member of the prominent Colorado family, was named MAD Greens CEO. Co-founders Hodgson and Dan Long — “MAD” is an acronym for Marley and Dan — and other members of the executive team retained a minority stake.
Hodgson said the second serving indicates that the concept has performed well, but the chain has also benefited from market conditions and growing consumer demand for fresh food and quality ingredients.
“There are a lot of things coming together,” Hodgson said. “It’s great to have partners that believe in the concept and have the same goals and vision that we have.”
The recent investment will allow MAD Greens to continue its expansion in Colorado and Arizona, and to move into new markets, Hodgson said.
The 17-unit chain plans to open 15 to 17 locations in 2016, including five restaurants in the Austin, Texas market, which will be the brand’s first move into Texas.
Another three or four locations are planned for Colorado, as well as four units in Arizona, Hodgson said.
In addition, four units will open in another new state to be disclosed later.
Meanwhile, Hodgson said MAD Greens has been building infrastructure and developing systems to improve efficiency as the chain broadens its geographic reach.
On Monday, MAD Greens named Lisa Christianson director of supply chain. She previously held a similar role at Denver-based CraftWorks Restaurants & Breweries Inc.
Contact Lisa Jennings at [email protected].
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