The Great Harvest Bread Company has received an investment from private equity firm NewSpring Franchise to support franchise development, supply chain, and marketing to accelerate growth. Terms of the deal were not disclosed.
Great Harvest, founded in 1976 in Great Falls, Mont., currently has approximately 175 locations in the United States.
“Great Harvest provides high-quality baked goods utilizing premium ingredients that our customers have come to know and love. As we’ve successfully expanded our concept to include cafés, we’ve not only enhanced the customer experience, but also broadened our offering to a wider range of consumers across multiple dayparts,” Great Harvest chief executive officer Mike Ferretti said in a statement. “Partnering with NewSpring Franchise is the perfect next step, as their impressive track record of elevating and expanding franchise concepts, coupled with their deep investment and operational experience, will be critical to driving our continued success.”
This marks the fourth transaction from NSF II, NewSpring Franchise’s dedicated investment fund. According to the company, the fund targets “capital-efficient, consumer-facing, multi-unit businesses with a strong customer value proposition, proven unit-level economics, and exceptional management teams in the lower-middle market.” Other investments have been made in Duck Donuts, Federal Donuts and Chicken, and Shake Smart.
"Great Harvest is a leader in the bakery and café category, establishing its brand and customer value proposition with a high-quality product offering. It represents exactly the type of company we seek to apply our proven approach to building beloved, multi-unit brands," NewSpring general partner Patrick Sugrue said in a statement. "Our access to top talent and experience in the franchise restaurant industry will allow Great Harvest to accelerate growth from an already strong foundation.”
According to Technomic data, Great Harvest finished 2023 with $142.3 million in sales and 156 locations.
Contact Alicia Kelso at [email protected]
