Industry News | October 14, 2002
Chicken Out Rotisserie Raises $21.25 Million in Equity Financing
Maryland-based Chicken Out Rotisserie announced today that it has raised $21.25 million to finance expansion of the 30 unit fast-casual chain. The company plans to use the funds to open new company-owned stores, develop a franchise system to accelerate growth, and expand its catering division.
The financing was led by Grotech Capital Group, a leading venture capital group in the Mid-Atlantic and Southeast, with participation from Mercantile Capital Partners, Reicon Capital and William Blair & Company. Dennis Shaughnessy, a General Partner at Grotech, and Antoine Treuille from Mercantile Capital Partners will join the board of directors of Chicken Out. Shaughnessy led the sale of the A&W and Long John Silver’s brands to Yum! Brands.
"The goal now is to build the best fast-casual brand in the country," stated Lee Hindin Chicken Out Rotisserie's President and Chief Executive Officer. "With this equity raise, we get more than just the capital to grow our company, we get partners with the experience, understanding, and track record necessary to help us build Chicken Out Rotisserie into the national leader we envision."
Chicken Out Rotisserie is a restaurant chain with 30 restaurants located throughout Baltimore, Maryland; the Washington, DC metropolitan area; Charlotte, North Carolina; and Atlanta, Georgia.
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