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MOD Pizza closes USD40m PE-backed funding round

MOD Pizza, a fast casual artisan pizza restaurant operator, has closed a USD40 million funding round led by PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners. 

This brings the total equity raised by MOD to more than USD70 million.

“MOD has always focused on building for the long-term, and this infusion of capital will allow us to invest significantly in strengthening our business as we accelerate the opening of company-owned stores across the country,” says Scott Svenson, co-Founder and Chief Executive Officer of MOD. “The PWP Growth Equity team brings an enormous amount of value to MOD, including a successful track record of developing an impressive list of consumer brands. Most importantly, they fully embrace the MOD culture and support our commitment to building a purpose-led organisation.”

MOD, which currently operates 32 stores in Washington, Oregon, California, Arizona, Colorado, and Texas, plans to double its store base by the end of June. Before the end of 2015, the company expects to open its 100th store, including the first MOD locations in Illinois, Missouri, Michigan, Pennsylvania, Maryland, Washington DC, North Carolina and South Carolina. Along with a highly-experienced group of franchise partners, MOD intends to build a national brand known for its commitment to “service with a purpose.”

David Ferguson, co-head of PWP Growth Equity, says: “Over the past seven years, MOD has diligently built an organization to support significant expansion while maintaining its unique and dynamic culture. With this significant investment, we are confident that MOD will be able to clearly establish itself as the leader in the fast casual pizza category.”

As part of the financing, David Ferguson and Chip Baird will join MOD’s Board of Directors, joining a group of industry leaders and executives who bring experience from such iconic brands as Starbucks, Panera Bread and Dunkin Donuts.

Chip Baird, co-head of PWP Growth Equity, says: “Scott has assembled a very high-quality leadership team supported by an impressive group of advisors and shareholders who bring incredible industry experience. Over the past few months, we have had an opportunity to spend significant time with the team, getting to know them and their vision for the business. We are pleased to be partnering with MOD to support them during this exciting phase of growth.”

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