MOD Super Fast Pizza, a fast casual pizza restaurant chain, raised $33 million of additional equity and closed a new $40 million credit facility. The latest equity funding brings the company’s total equity capital raised to date to more than $185 million.
The $33 million equity investment was led by existing investors, including PWP Growth Equity and Fidelity Management & Research. The $40 million credit facility was arranged by Keybanc Capital Markets and SunTrust Robinson Humphrey as joint lead arrangers and book runners, and joined by Raymond James.
These financings are expected to support MOD’s continued rapid growth in 2018, bolstering its presence in its existing markets across the U.S. and UK.
“We are extremely grateful to Keybanc Capital Markets, SunTrust Robinson Humphrey, Raymond James and our growing group of equity investors, led by PWP Growth Equity and Fidelity, for their support and belief in MOD,” said Scott Svenson, co-founder and CEO of MOD. “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. While it is rewarding to be recognized by our customers as the most loved pizza brand and the number one mid-sized restaurant chain in the U.S., it is the social impact that we are making that provides us with the most gratification. This funding will allow us to continue to grow our business and spread MODness in 2018 and beyond.”
MOD Pizza was founded in Seattle in 2008 by entrepreneur husband and wife team Scott and Ally Svenson and currently has more than 300 locations across 27 states and the UK.