Private-equity firm Brentwood Associates has purchased a minority stake in Snooze, a casual-dining breakfast chain based in Denver with 44 restaurants in Arizona, California, Colorado, North Carolina, Missouri and Texas.
Terms of the transaction were not disclosed, but the chain has added Brentwood partner Rahul Aggarwal to its board of directors.
Private equity firms Stripes and Alliance Consumer Growth are already investors in the chain.
Snooze is known for its friendly, upbeat vibe, culinary creativity and cocktail program, among other innovations in the breakfast segment. It has grown from 17 units in the past four years.
“We’re very excited to support Snooze’s next phase of growth,” Aggarwal said in a press release announcing the deal. “They have built a unique and compelling restaurant concept serving the attractive breakfast segment, and we are equally impressed with the Company’s strong culture. We look forward to leveraging our experience to bring Snooze’s unique offering of craveable food and beverages in an energetic atmosphere to more guests across the country.”
According to its web site, Brentwood, based in Los Angeles, is also an investor in Blaze Pizza, Chicken Salad Chick, Lazy Dog Restaurant & Bar, Pacific Catch and Veggie Grill.
Snooze CEO David Birzon said he was glad to have Brentwood as a shareholder.
“We’re thrilled to welcome Brentwood to the Snooze family and are thankful for the continued support from Stripes and ACG,” he said. “We are fortunate to have partnered with a group of premier, growth-oriented consumer investors that have provided support and capital to execute our ambitious growth strategy.”
Stripes partner Karen Kenworthy praised Birzon’s leadership.
“David and the Snooze management team have done a tremendous job building this innovative brand,” she said. “Brentwood’s investment further underscores the strength of the Snooze concept and its differentiated offering. With Brentwood, we have found a partner who shares our vision in Snooze’s future and supports its continued expansion.”
Brentwood has invested more than $6 billion in more than 50 companies in sectors including branded consumer products & services, health & wellness, beauty, personal care, food & beverage, multi-unit restaurants, specialty retail, e-commerce and education.
Read the full announcement: