Veggie Grill raises USD20m in new equity round
Veggie Grill, a West Coast restaurant concept known for plant-based food, has completed its fourth round of equity funding with an investment from Brentwood Associates.
Armed with 16 per cent same-store-sales growth, a more than doubling of restaurant locations in the most recent year, and strong investor confidence, the company quickly secured the USD20m common stock funding from both current shareholders and new investors.
Chief energizing officer Greg Dollarhyde says: "The interest we received from our investors was quite substantial and exciting. This additional capital base will support our aggressive growth plans to meet the increasing consumer demand for delicious, vegetarian food."
A substantial part of the capital raise came from California-based Brentwood Associates, a private equity firm experienced in restaurant investing. Following on from a previous investment in the last round, Brentwood has secured a substantial minority position in the company as the largest single shareholder. Bill Barnum, partner, and Rahul Aggarwal, managing director of Brentwood, will be joining the company's board of directors.
"We are delighted to be partnering with Greg Dollarhyde and the incredible team at Veggie Grill,” says Aggarwal. "The concept is very well positioned in the industry and has a lot of runway ahead of it."
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