Urban Egg, a nine-unit breakfast and brunch concept based in Colorado, announced Thursday that it received a “significant investment” from private-equity firm L Catterton.
Terms of the deal weren’t disclosed.
The casual-dining chain said the capital will help it grow in new and existing markets. Eight of its nine locations are in Colorado. The ninth store opened in Overland Park, Kansas in 2022.
“We created Urban Egg a decade ago after identifying a major gap in the elevated dining segment of breakfast and brunch in my hometown of Colorado Springs,” Urban Egg CEO Randy Price said in a statement. “Based on the success of our initial restaurant, we have been able to slowly grow our footprint across Colorado, and most recently to Kansas. With L Catterton’s one-of-a-kind track record of growing distinctive restaurant brands, we will be able to accelerate our dreams of bringing America’s Best Breakfast to more deserving consumers across the country.”
Urban Egg was founded by Randy and Liz Price in 2012. In the decade since opening, the brand has been recognized by multiple national outlets, including Best Pancakes in Colorado by Reader’s Digest, one of the Best Restaurants in Colorado Springs by US News & World Report, Best Brunches in Denver by Thrillist, and most recently Hot New Concept by the Kansas Restaurant and Hospitality Association.
L Catterton, which manages roughly $33 billion of equity, is heavily involved in the restaurant industry. The company currently has majority investments in bartaco, Barcelona Winer Bar, Uncle Julio’s Mexican Grill, and Founders Table, the parent of Chopt, Dos Toros, FIELDTRIP, and Sweet Chick. Past investments include P.F Chang’s, Caribou Coffee, First Watch, Anthony’s Coal Fired Pizza & Wings, Bloomin’ Brands, among others.
“Daytime dining is one of the most attractive segments of the restaurant sector and has proven resilient throughout cycles with consistent year-over-year growth,” Jon Owsley, co-managing partner of the growth fund at L Catterton, said in a statement. “Randy and the Urban Egg team have created a fantastic dining experience that has attracted frequent visitation and loyalty among its customer base. We look forward to working with the entire Urban Egg team to further enhance the customer experience and accelerate growth.”
The breakfast and brunch category has seen notable growth in recent years. The segment is led by First Watch, which opened 43 restaurants in 2022. Cracker Barrel purchased Maple Street Biscuit Company for $36 million in 2019 and Denny’s bought Keke’s Breakfast Cafe for $82.5 million last year. On a smaller scale, Savory Fund invested in Hash Kitchen, an Arizona-based brunch concept featureing high-quality and next-level breakfast and boozy brunch offerings.
