Protein Bar, a casual restaurant chain specialising in healthy, on-the-go options, has secured a capital investment by private equity firm Catterton Partners.
The investment will be used to foster the expansion of the Protein Bar concept across the US. Terms of the transaction were not disclosed.
Protein Bar offers high-quality, healthy food in a modern and hip fast-casual environment. Known for its "Bar-ritos", quinoa bowls, salads and protein drinks, Protein Bar provides its guests with craveable food that is good for them, in a manner and speed that is in tune with their busy lifestyles. Protein Bar was founded in Chicago in 2009 by Matt Matros, who – having changed his diet to focus on healthy, high-protein foods and losing 60 pounds as a result – sought to create a concept that would provide health-conscious diners with affordable, on-the-go options.
In 2013, Protein Bar was named one of Nation’s Restaurant News’ Top 50 Breakout Brands and was the winner of the Inaugural James Tyree Emerging Business Leadership Award. Founder Matros was an Ernst & Young Entrepreneur of the Year Finalist in 2013 as well as one of Crain’s Chicago Business’ "40 Under 40" in 2012. Protein Bar currently has 12 restaurants located in Chicago and Washington DC and it recently announced expansion to Denver, Colorado.
Matros says: "We are delighted to partner with Catterton, the leading private equity firm in consumer investing. We believe our concept, which is focused on providing on-the-go customers with healthy options that boast great quality and flavor, is primed for growth. Catterton has an excellent track record of working with market-leading restaurant concepts such as Noodles & Company, Outback Steakhouse, Mendocino Farms, First Watch and P.F. Chang’s, as well as expertise helping to grow health conscious brands such as Core Power Yoga, Plum Organics, O.N.E. coconut water and Van’s Natural Foods. As the leading healthy fast-casual brand, we are thrilled to be partnering with the leading consumer-focused private equity firm."
"We are excited about our investment in Protein Bar, a truly unique concept which capitalizes on two major restaurant trends: great tasting food and healthy, on-the-go options, all at an attractive price point," says Scott A Dahnke, co-managing partner of Catterton Partners. "With Catterton’s significant experience in helping to grow differentiated restaurant concepts and health conscious brands, we believe Protein Bar is a perfect fit for the type of value we bring to our investments."
