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Sat. Jul 13th, 2024

MOD Pizza to be acquired by Elite Restaurant Group

By meerna Jul11,2024
MOD Pizza to be acquired by Elite Restaurant Group

MOD Super Fast Pizza LLC has agreed to be acquired by Elite Restaurant Group. Terms were not disclosed.

Bellevue-based MOD was founded in 2008 and has been growing rapidly until recently. It now operates more than 500 locations in the U.S. and Canada, but has reportedly closed more than two dozen this year. Bloomberg reported last week that MOD may be close to filing for bankruptcy. It has also reportedly stopped paying suppliers.

Trade publication News from national restaurants reports that Chatsworth, California-based Elite has a history of acquiring struggling restaurant brands, though it’s unclear whether any of them operate in Washington state, with the possible exception of Patxi’s Pizza, which is based in Ballard. It’s unclear whether Elite still owns Patxi’s.

MOD was founded in 2008 by Scott and Ally Svenson, who previously founded and sold Seattle Coffee Co. and Carluccio’s Ltd., an Italian restaurant chain. Last January, the chain named restaurant veteran Beth Scott as its new CEO.

In May 2019, the chain announced that it had received $160 million in an equity funding round and set a goal of 1,000 locations. A press release said that at the time, it had sales of $398 million and opened 218 locations in 2018. It also said it had raised about $339 million in equity capital.

By meerna

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