Piada Italian Street Food received an additional growth capital investment from Greenwich, Connecticut–based Catterton, the leading consumer-focused private equity firm. The investment will be used to support the company's rapid growth and development plans. Terms of the transaction were not disclosed.
Piada is an authentic fast-casual Italian eatery founded in 2010 by Chris Doody, who cofounded the Bravo Brio Restaurant Group in 1992, which grew to 52 restaurants before its sale in 2006. Since its founding, Piada has experienced rapid growth, expanding across its home state of Ohio as well as into Michigan, Indiana, Minnesota, and Texas, and will have 26 restaurants by the end of 2015. The additional investment from Catterton will assist the company as it continues to grow and maintain its leading position in the fast-casual Italian category.
"Catterton has been a great partner to Piada and we are excited to deepen that relationship as our brand grows," says Chris Doody, founder and CEO of Piada. "This additional investment allows Piada to advance the momentum behind our brand with smart investments in people, strategic development, and innovative culinary offerings. Together with Catterton, we can realize our goal of becoming the leading Italian fast-casual concept nationwide."
"Piada's craveable offerings, coupled with its modern restaurant design and outstanding service, makes it one of the most unique and well-positioned brands in the marketplace today," says Jon Owsley, a partner at Catterton. "Piada is one of the great growth brands in the restaurant space and is poised for significant expansion. We are very excited to have partnered with Chris and his team and look forward to helping Piada continue on its current trajectory."
In 2015, Piada broadened its reach with expansion into major metropolitan markets, including Houston and Dallas, and prominent, non-suburban sites in such locations as Minneapolis's Mall of America and Stadium Village at the University of Minnesota. The restaurant group is on track to accelerate its development in 2016 and 2017 by prioritizing new locations in Texas and Minnesota, as well as adding several new markets.
Piada was originally inspired by Italian food carts from the town of Rimini, Italy. Piada serves made-to-order Piadas (a homemade Italian thin crust dough, baked on a stone grill, then hand rolled with fresh authentic ingredients), Pasta Bowls and Chopped Salads and uses only the highest quality ingredients, from a blend of natural and organic flour to extra virgin olive oil for the Piadas to made-from-scratch sauces, pestos, and dressings. Piada restaurants feature a modern Italian design with white Carrara marble, fumed white oak furniture, LED lighting, and stained concrete floors. Piada was created from the belief that everyone is entitled to experience fresh, authentic Italian food in a warm and inviting atmosphere.