MOD Pizza has raised another US$160 million in financing led by Clayton, Dubilier & Rice (CD&R). The fast-growing pizza chain’s total fundraising is now up to US$339 million. The Seattle-based company has plans to grow to around 1000 locations over the next five years from its current 433 sites.
Scott Svenson, MOD Pizza’s co-founder and CEO, said that the deal was “further validation of our belief that profit and positive social impact can coexist.” MOD was founded 11 years ago and has become one of the fastest-growing chains in the United States.
As a part of the deal with CD&R, Ken Giuriceo, a CD&R partner, and Paul Pressler, another CD&R partner will join MOD’s board of directors. Svenson said, “We are incredibly energised by the opportunity to work with CD&R to scale the MOD brand while continuing to build our people-first, purpose-driven culture.”
In response, Giuriceo, said, “MOD has clearly proven that building a business around a meaningful and authentic purpose can align and inspire the team to produce incredible results. 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.”