Snooze, a rapidly growing breakfast and brunch restaurant concept known for its innovative menu and vibrant atmosphere, announced it has received a strategic minority investment from Brentwood Associates (“Brentwood”), a leading consumer-focused private equity firm. Brentwood is partnering with Snooze’s existing majority shareholder Stripes, as well as existing investor Alliance Consumer Growth (“ACG”), to accelerate the Company’s continued growth nationwide and fund strategic initiatives. Terms of the deal were not disclosed.
Snooze was founded in 2006 in Denver, Colorado with the idea of flipping the typical breakfast experience on its head and serving Breakfast, but Different. Being different does not stop at the plate, it’s the way Snooze does business. Snooze believes that the only thing better than a full plate is a clear conscience. That’s why with every meal Snooze serves, its dedicated to bettering both the communities it is a part of, and the planet. From composting and recycling nearly 90% of its waste to donating 1% of its sales back to its communities, Snooze is working toward creating a better world for future generations. Snooze has been led by CEO David Birzon since 2012, who will continue as CEO going forward. Following Stripes and ACG’s investment in 2016, Snooze has rapidly grown to 44 restaurants located across six states and has created a loyal, cult-like customer following.
“We’re thrilled to welcome Brentwood to the Snooze family and are thankful for the continued support from Stripes and ACG,” commented Birzon. “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.”
“David and the Snooze management team have done a tremendous job building this innovative brand,” added Karen Kenworthy, partner at Stripes. “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.”
Concurrent with the transaction, Snooze has added Rahul Aggarwal, partner at Brentwood, to its board of directors. Brentwood brings a long track record of investing in the space, with Snooze representing its tenth investment in the restaurant industry.
“We’re very excited to support Snooze’s next phase of growth,” said Aggarwal. “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.”
North Point Advisors, LLC and Citibank, N.A. advised Snooze on the transaction, while Dechert LLP provided legal counsel. Brentwood was represented by Burr & Forman LLP.
About Snooze
Founded in Denver, Colorado in 2006 Snooze revitalized breakfast culture by bringing creativity and innovation to breakfast, along with an energetic and eclectic atmosphere and friendly neighbor-like service. Snooze prides itself on using their business and love for breakfast food as a platform to do good in every city they live in. As an industry leader in community involvement and sustainable practices, Snooze is on a mission to make the world a better place one pancake at a time. Snooze currently has 44 locations throughout Arizona, California, Colorado, North Carolina, Missouri and Texas. A full list of locations can be found here.
About Brentwood Associates
Brentwood Associates is a Los-Angeles based private equity investment firm with a 30+ year history of investing in middle-market growth-oriented consumer & technology-enabled business services companies. Core sectors of investment include branded consumer products/services, health and wellness, beauty, personal care, food & beverage, multi-unit restaurant and specialty retail, e-commerce, and education. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner for entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
About Stripes
Stripes is a leading growth equity firm that brings a unique, entrepreneurial approach to investing in high-growth Software and Consumer businesses around the world. For over a decade, Stripes has partnered with market-defining companies to provide them with the support they need to accelerate growth and achieve their long-term vision. Stripes’ mission is to have a culture, set of resources and expertise that provide entrepreneurs with an unparalleled advantage in markets that are evolving rapidly due to changes in technology and consumer behavior. For more information on Stripes, please visit http://www.stripes.co/.
About Alliance Consumer Growth
Alliance Consumer Growth is a leading growth equity fund providing capital and value-added partnership to the most promising emerging consumer and retail brands. Notable brands that ACG successfully partnered with as an early investor include Shake Shack (later completed an IPO), Babyganics (later acquired by SC Johnson), barkTHINS (later acquired by Hershey’s), Krave Jerky (later acquired by Hershey’s), Suja Juice (later acquired by CocaCola), Harry’s, Tata Harper, Milk Makeup, Herschel Supply Co., Good American, SKIMS, Pacifica Beauty, Blaze Pizza and The Honest Kitchen, among others. ACG has offices in New York and Los Angeles. For more information about ACG, visit www.acgpartners.com.
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