Fast-growing Mediterranean chain looks to spur expansion efforts
Luna Grill, the San Diego-based Mediterranean concept, on Monday said it has received an investment from the private equity firm PWP Growth Equity.
Terms of the deal were not disclosed. PWP is the middle market private equity subsidiary of the New York-based investment firm Perella Weinberg Partners.
The investment should give Luna and its co-founders, Sean and Maria Pourteymour, the resources to expand the chain they started in 2004 and since expanded to 38 locations across Southern California and Dallas-Fort Worth, Texas.
The company said the deal is “specifically targeted to spur growth in existing and new geographies.”
“The investment will allow us to continue the rapid yet measured growth we have experienced the past few years,” Sean Pourteymour, Luna’s CEO, said in a statement. “PWP Growth Equity has a tremendous track record of success, including deep consumer sector expertise.”
He said the company plans to “enter new markets and build Luna Grill into a leading national brand in the Mediterranean restaurant category.”
PWP has made some big bets on restaurant companies recently. Last year it invested in the family dining chain Black Bear Diner. It is also among the biggest backers of fast-casual pizza chain MOD Pizza.
It is now backing Luna, a fast-casual chain targeting premium customers with a menu that includes draft beer and wine as well as made-to-order Mediterranean cuisine including kabobs, falafel, salads, hummus and wraps.
“Luna Grill has found a niche in catering to consumers seeking convenient and authentic, high-end food, and the company’s unique menu offerings translated into strong affinity ratings from legions of ‘Luna-tics’ throughout numerous markets,” PWP co-founder Chip Baird said in a statement.
San Diego investment banking firm W Partners was Luna Grill’s financial adviser in the deal, while New York-based Financo was the financial advisory for PWP.
Contact Jonathan Maze at [email protected]
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