Invus leads $45 mln Series B funding in Cava Group
Cava Group raised $45 million in Series B funding led by Invus. Other investors in the funding round included Swan & Legend Ventures and Revolution Growth. Funding will help Washington, D.C.-based Cava Grill’s growth including new markets and locations on the east and west coasts. Press Release Today, Cava, the Washington, D.C.-based Mediterranean fast-casual restaurant concept and Consumer Packaged Goods (CPG) brand, announces a $45 million Series B funding led by Invus with participation from existing partner Swan & Legend Ventures as well as Revolution Growth. The new investment will help fund Cava Grill’s growth including new markets and locations on both the east and west coasts, help technology initiatives and advancements, support community partnerships, and allow for enhancements of team member benefits. Cava Grill has 11 locations in the Washington, D.C. metro area and is set to open the first of several restaurants in the Los Angeles area this month. Cava products are sold in over 200 Whole Foods Market locations up and down the east coast, in the midwest, and soon to arrive in southern California. “We’re thrilled to have the support to help us with significant initiatives in the next year, including enhanced technology for our operations and customer experience, building our team to help execute store growth on two coasts, and a new production facility to support further expansion of our dips and spreads in natural and organic markets,” said Cava CEO Brett Schulman. Cava Grill brings modern, Mediterranean flavors to a casual setting for budget-, time-, health-, and taste-conscious customers. Inspired by their Greek roots, founders and childhood friends Ted Xenohristos, Ike Grigoropoulos, and Chef Dimitri Moshovitis created Cava’s culinary driven, flavorful, and healthful menu for a diverse customer. “Our mission is to empower entrepreneurs to transform their industries. Within the healthy fast casual movement that is sweeping the country, we believe Ted, Ike, Dimitri, and Brett have built a differentiated concept that can stake out a leadership position. We’re excited to partner with Cava for the road ahead,” said Benjamin Felt, Director, Invus. “This financing represents another major milestone in Cava’s remarkable growth,” said Todd Klein, Managing Director of SWaN & Legend. “We look forward to working with our new partners and management to bring delicious, nutrient-rich food to consumers nationwide.” About Cava Grill Cava is a rapidly expanding fast casual restaurant and Consumer Packaged Goods (CPG) brand focusing on fresh, better-for-you cuisine. Cava brings modern, authentic, and vibrant Mediterranean food to a national audience in both fast casual and grocery channels through a unique, culinary-driven brand. Cava Grill has 11 locations in the DC area: Bethesda, Tenleytown, Columbia Heights, Tysons, Merrifield, Chinatown, Westfield Montgomery Mall, the Kentlands neighborhood in Gaithersburg, Fairfax, Reagan DCA, and Ashburn. Cava will be expanding to Los Angeles, California in 2015. Cava Grill was born out of the Cava Mezze full service restaurants founded in 2006 by Ike Grigoropoulos, Ted Xenohristos, and Dimitri Moshovitis, who quickly made them into one of Washington, D.C.’s most esteemed destinations for Mediterranean-inspired fare. Additional information can be found online at www.cavagrill.com or on Twitter and Instagram by following @cavagrill SOURCE Cava Group, Inc.
AB InBev to buy U.S. craft brewer Golden Road
(Reuters) — Anheuser-Busch InBev (ABI.BR) said it would buy Los Angeles-based Golden Road Brewing as the world’s largest brewer looks to expand its presence in the fast-growing craft brewing market. Golden Road, whose brands include the popular India pale ales, Point the Way IPA and Wolf Among Weeds IPA, as well as Golden Road Hefeweizen, operates a brewery and pub in Los Angeles. Financial terms of the deal were not disclosed. The transaction is expected to close by the end of this year. (bit.ly/1KvlonI) Deals in the craft brewing sector have increased as consumers increasingly choose craft beers and companies seek to capture the frothy valuations that have accompanied the industry’s boom. Barrel volumes in the $19.6 billion craft beer industry rose 18 percent in 2014, according to the Brewers Association. Earlier this month, Dutch brewer Heineken NV (HEIN.AS) bought a 50 percent stake in U.S.-based beer maker Lagunitas Brewing Co to expand into the craft beer industry. California craft brewery Firestone Walker Brewing Co said earlier this year that it would merge with Flemish family-owned brewery Duvel Moortgat. Golden Road will join AB InBev’s high-end portfolio that includes Goose Island Beer Co, Blue Point Brewing, 10 Barrel Brewing and Elysian Brewing.
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AB InBev to buy U.S. craft brewer Golden Road
Energy Capital Partners seeks buyers for Summit Midstream stake: Bloomberg
(Reuters) — Private equity firm Energy Capital Partners is looking for buyers for its interest in Summit Midstream Partners LP (SMLP.N), a deal that would include a minority stake in the pipeline operator as well as ownership of its general partner, Bloomberg reported. The sale would also include some oil and gas gathering and processing operations in North Dakota, Colorado and Ohio owned by an affiliate of Summit Midstream, Bloomberg reported, citing people familiar with the matter. Energy Capital is working with Barclays Plc to find a buyer for the assets, which could fetch at least $2 billion, Bloomberg reported, citing one of the persons. Energy Capital owns about 44 percent limited partnership interest in Summit Midstream Partners LP through an entity called Summit Investments. The firm may also consider taking the assets public if offers are too low, the report said. Summit Midstream and Energy Capital were not immediately available to comment, while Barclays declined to comment. Texas-based Summit Midstream’s stock was down 12.6 percent at $18.71 in afternoon trading in a weak broader market.
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Energy Capital Partners seeks buyers for Summit Midstream stake: Bloomberg
Sverica Capital sells MC Sign Company
Sverica Capital Management LLC said Wednesday it sold MC Sign Company to Caltius Capital Management. Financial terms weren’t announced. Mentor, Ohio-based MC provides signage and lighting services to a variety of multi-site industries, including quick serve restaurant, retail, convenience stores, and hospitality. TM Capital advised MC Sign Company and Sverica. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today it closed on the sale of MC Sign Company (“MC Sign”) to Caltius Capital Management (“Caltius”). Based in Mentor, OH, MC Sign provides mission critical signage and lighting services to a variety of multi-site industries, including quick serve restaurant, retail, convenience stores, and hospitality. Sverica acquired a majority interest in MC Sign in 2008. Over the course of its investment, Sverica guided the company through robust top line growth, identified & entered high growth adjacent service lines, and completed one add-on acquisition. “We are proud to have been partners with MC Sign and its talented management team,” said Dave Finley, Managing Director at Sverica. MC Sign has grown from a company focused on sign installation and maintenance, to a diversified facilities maintenance organization serving a number of trades including lighting and electrical. Both Sverica and management felt it was an opportune time to explore another financial partner.” “Sverica has been a tremendous partner, said Timothy Eippert, MC Sign’s Chief Executive Officer. Their strategic guidance has been invaluable to our success. The company would not have achieved what it has without Sverica.” “Sverica’s growth-oriented investment model and analytical support has helped MC Sign increase revenue by nearly 65% during their ownership.” TM Capital served as advisor to MC Sign Company and Sverica. About MC Sign Company MC Sign is a leading national sign and lighting company, meeting customers’ needs from new sign design and manufacturing, installation, on-demand service as well as lighting upgrades and retrofits. MC Sign is proactive in its strategic plans by investing time and resources into developing products and services that bring value to its current and potential customers. The company’s experienced project managers and customer services representatives provide cost-effective sign and lighting products and services for some of the largest retail, restaurant, hospitality, and financial companies in the United States and Canada. For more information, visit www.mcsign.com. About Sverica Capital Management Sverica is a leading private equity firm that has raised over $500 million of investment capital across multiple funds. The firm seeks to invest in companies that are or could become leaders in their industries, and works closely with the management of such companies to facilitate their growth. Since 2001, Sverica has maintained a “high touch” operating philosophy of taking an active role in portfolio companies. Sverica devotes significant internal resources to help its management teams develop and execute growth strategies. For more information, visit www.sverica.com. Contacts
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Sverica Capital sells MC Sign Company
Audax Group acquires Techniks from Tenex Capital
Audax Group has acquired Techniks Industries, a provider of industrial cutting tools and tool holders. The seller was Tenex Capital Management. No financial terms were disclosed for the transaction that was done in partnership with Techniks’ management. Duff & Phelps and Pepper Hamilton LLP advised Techniks and Tenex Capital on the deal. PRESS RELEASE BOSTON–(BUSINESS WIRE)–Audax Group today announced that it has partnered with management to acquire Techniks Industries, a leading provider of industrial cutting tools and tool holders in North America, from Tenex Capital Management, a private equity firm based in New York. Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufacturers and services wood and metal cutting tools used in building materials and industrial end markets, and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets. Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Techniks Industries is a recognized market leader in the fragmented cutting tools and tool holders market. We look forward to partnering with Greg Webb and the entire Techniks Industries team to continue growing the business organically and through add-on acquisitions.” Greg Webb, President & CEO of Techniks Industries, said “We’re excited to partner with Audax to take Techniks Industries to its next stage of growth. Audax’ resources will help us accelerate our acquisition thesis to expand both the NAP Gladu and Techniks business units into new geographies, end markets, and product lines.” Duff & Phelps and Pepper Hamilton LLP advised Techniks Industries and Tenex Capital Management. Kirkland & Ellis LLP served as counsel to Audax Group. ABOUT AUDAX GROUP Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax has over $6 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com. ABOUT TENEX CAPITAL MANAGEMENT Tenex Capital Management is a private equity firm that invests in middle-market companies across diverse industries, including industrials, manufacturing, and health and business services. Tenex utilizes an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. For additional information, please visit www.tenexcm.com.
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Audax Group acquires Techniks from Tenex Capital
Ignite Farm targets $50 mln for second fund
Ignite Farm is seeking to raise $50 million for its second fund, according to an SEC filing. Based in Walnut Creek, California, Ignite Farm is an incubation, investment and growth engine for emerging brands, ideas and entrepreneurs.
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Ignite Farm targets $50 mln for second fund
