DENVER— L Catterton announced on July 23 that it was selling its stake in Punch Bowl Social to Lebanon, Tenn.-based Cracker Barrel Old Country Store.

Cracker Barrel said in its release that it would invest $140 million into the experiential food and beverage brand. The deal does not give Cracker Barrel controlling stake in Punch Bowl Social, but leaves a provision for them to acquire a controlling or full ownership position in the future.

“Our investment in Punch Bowl Social is another example of our commitment to driving shareholder value, as it gives us an opportunity to enter a new category with exposure to new guests and demographics while also leveraging our strengths and the similarities between the two companies,” said Sandy Cochran, CEO of Cracker Barrel. “Cracker Barrel and Punch Bowl Social are both highly experiential brands that emphasize quality food and beverage, hospitality and fun. We love what Punch Bowl Social has built and are excited about helping them continue to grow.”

Punch Bowl Social was founded in 2012 and combines food and craft beverage options with a social gaming experiences like bowling and shuffleboard. It currently has 17 locations across 12 states and plans to open 11 additional units by the end of 2020.

“This relationship represents a tremendous opportunity for the entire Punch Bowl Social family, and we’re thrilled to partner with Cracker Barrel,” said Punch Bowl Social founder and CEO Robert Thompson.  “Their high-volume, multi-location expertise will help us continue to realize our vision for growth across the country. Our continued goal is to be an experiential millennial and Gen Z lifestyle brand that creates authentic, social guest experiences. Having Cracker Barrel provide growth capital and strategic resources sets us up for the next exciting chapter for Punch Bowl Social.”

Cracker Barrel operates 660 locations in 45 states and owns the fast-casual Holler and Dash restaurants.