Catterton, the Greenwich, Conn.-based private-equity group, has made another growth capital investment in Piada Italian Street Food, the company said Tuesday.
The funds will be used to support growth at the fast-casual Italian chain, which recently opened its 26th location, in Chanhassen, Minn., and plans to open in new markets in 2016. Terms of the latest deal were not disclosed.
“Catterton has been a great partner to Piada, and we are excited to deepen that relationship as our brand grows,” said Chris Doody, founder and CEO of Piada. “This additional investment allows Piada to advance the momentum behind our brand with smart investments in people, strategic development and innovative culinary offerings. Together with Catterton, we can realize our goal of becoming the leading Italian fast-casual concept nationwide.”
Doody, who co-founded Bravo Brio Restaurant Group Inc. in 1992, and helped grow the concept to 52 locations before its sale in 2006, founded Piada in 2010. The chain has grown rapidly since, expanding throughout Ohio and into Michigan and Indiana, as well as Texas and, most recently, Minnesota.
The company opened locations in Houston and Dallas this year, and plans to open locations at the Mall of America in suburban Minneapolis, as well as Stadium Village at the University of Minnesota.
Piada plans to prioritize new locations in Texas and Minnesota in 2016 and 2017, and open in “several new markets.”
Catterton first invested in Piada in 2013, when the chain was also named a Nation’s Restaurant News Hot Concept.
The chain was inspired by food carts from Rimini, Italy, and serves made-to-order piadas — in which a thin-crust dough is baked on a stone grill and then hand-rolled with fresh ingredients — as well as pasta bowls and chopped salads.
“Piada’s craveable offerings, coupled with its modern restaurant design and outstanding service, makes it one of the most unique and well-positioned brands in the marketplace today,” Catterton partner Jon Owsley said in a statement. “Piada is one of the great growth brands in the restaurant space and is poised for significant expansion. We are very excited to have partnered with Chris and his team, and look forward to helping Piada continue its current trajectory.”
Private-equity groups have been pumping money into growth chains in recent years. Fast-casual chains with unique menus, like Piada, have been drawing the most interest, often fetching strong valuations. The cash is fueling a new generation of fast-casual concepts to grow and take more share in the highly competitive restaurant business.
Catterton has been an early funder of many concepts. Earlier this year, Catterton partnered with Hain Celestial Group Inc. to invest in the salad concept Chop’t.
Contact Jonathan Maze at [email protected].
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