MOD Pizza raises funds to open more locations
Jan. 10, 2018
by Jeff Gelski
At MOD Pizza, customers may choose their own artisan-style pizzas, which are made on demand, and salads.
SEATTLE – MOD Super Fast Pizza Holdings LLC, which has more than 300 locations in the United States and the United Kingdom, plans more growth in 2018 after raising $33 million of additional equity and closing on a $40 million credit facility, the Seattle-based fast-casual chain said Jan. 9.
Scott and Ally Svenson founded MOD Pizza in 2008. Customers may choose their own artisan-style pizzas, which are made to order, and salads. The chain opened 110 stores system-wide in 2017.
|Scott Svenson, CEO of MOD Pizza
The latest equity funding brings the company’s total equity capital raised to more than $185 million. Existing investors, including PWP Growth Equity and Fidelity Management & Research Co., led the $33 million equity investment. The $40 million credit facility was arranged by Keybanc Capital Markets Inc. and SunTrust Robinson Humphrey Inc. as joint lead arrangers and book runners, and joined by Raymond James.
“As we enter our 10th year and celebrate the opening of our 300th store, we are more energized than ever before about the incredible opportunity in front of us,” said Scott Svenson, CEO.