Snooze, a growing breakfast and lunch concept, announced Thursday that it plans to accelerate growth after a minority investment from private equity firm, Brentwood Associates.
Brentwood is partnering with Snooze’s existing majority owner Stripes and existing investor Alliance Consumer Growth to assist the brand’s expansion initiatives. The terms of the deal weren’t disclosed. Since opening 14 years ago in Denver, Snooze has grown to 44 stores across six states.
“We’re thrilled to welcome Brentwood to the Snooze family and are thankful for the continued support from Stripes and ACG,” said CEO David Birzon in a statement. “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.”
Brentwood acquired a majority interest in fast-casual Chicken Salad Chick in November 2019. At the time, the brand had 137 stores in 16 states. Since Brentwood joined, the footprint has grown to more than 175 stores. Brentwood also has investments in Blaze Pizza and Lazy Dog Restaurant & Bar.
As part of the investment deal, Brentwood partner Rahul Aggarwal will be added to the board of directors.
“We’re very excited to support Snooze’s next phase of growth,” said Aggarwal in a statement. “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 and Citibank advised Snooze on the transaction, while Dechert LLP provided legal counsel. Brentwood was represented by Burr & Forman LLP.
In October, Snooze opened its second location in Charlotte, which featured 4,425 square feet of space, 134 indoor seats, and 22 seats on the outdoor patio. At the new unit, customers use QR codes to digitally access menus and the team includes a “Safety Dancer” that ensures high-touch surfaces are cleaned throughout the day.
“David and the Snooze management team have done a tremendous job building this innovative brand,” said Karen Kenworthy, partner at Stripes, in a statement. “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.”
