MOD Super Fast Pizza Holdings, LLC, Seattle, Wash., announced a $160 million equity financing led by Clayton, Dubilier & Rice (CD&R), a New York-based private investment firm.
CD&R partners Ken Giuriceo and Paul Pressler will join the MOD Pizza board of directors.
With this additional capital, MOD plans to maintain its rapid growth across existing and new markets in the United States and internationally. Currently, there are 433 MOD locations system-wide, and the company expects to reach approximately 1,000 locations over the next five years, creating more than 14,000 new jobs. In addition to continued growth, MOD plans to enhance in off-premise and digital capabilities, while continuing to look for ways to use its business as a platform to make a positive social impact.
“We are grateful to CD&R, Fidelity, PWP Growth Equity and all of our incredible shareholders for their support, as we continue to write the story of MOD as the pioneer in fast-casual pizza and a leader in using business as a force for good. Over the past 11 years, we have built MOD upon a conviction that we could build a best-in-class business by putting our people and the communities we serve first,” says Scott Svenson, co-founder and CEO, MOD Pizza. “This investment is further validation of our belief that profit and positive social impact can co-exist. We are incredibly energized by the opportunity to work with CD&R to scale the MOD brand, while continuing to build our people-first, purpose-driven culture.”
“MOD has clearly proven that building a business around a meaningful and authentic purpose can align and inspire the team to produce incredible results,” adds Giuriceo. “The company is poised to continue its rapid growth, and we are thrilled to join their talented team of industry veterans to further develop and strengthen the MOD business and brand.”
In addition to continued growth, MOD plans to accelerate initiatives to grow digital ordering channels, off-premise solutions, its loyalty program and personalized marketing programs.