MOD Pizza has a new owner: Elite Restaurant Group.
MOD Pizza announced July 10 that Elite Restaurant Group is its new owner, following rumors it was exploring bankruptcy or a sale.
MOD is a build-your-own, fast-casual pizza franchise that charges one price for unlimited toppings. Launched in 2008 in Seattle, MOD has 512 locations, 89 of which are franchised, in 28 states and Canada.
MOD hired law firm Latham & Watkins as legal counsel and Miller Buckfire & Co. as its investment banker. Earlier this year, MOD hired Beth Scott as CEO to replace co-founder Scott Svenson, who is now the executive chairperson.
“MOD is a beloved brand with a strong following,” Scott said in a statement. “We’re excited to work with Elite Restaurant Group to strengthen MOD’s future.”
The investment required to open a MOD location ranges from $1 to $1.3 million. The company opened 21 stores last year, ending 2023 with 552. It’s closed at least 40 locations so far this year.
The deal gives Elite 100 percent equity in MOD Pizza, “pursuant to a merger agreement between the company and an affiliate of Elite,” according to the brand.
Elite bought pizza brand Project Pie in 2019 and rebranded it to Patxi’s Pizza, a deep-dish pizza chain Elite bought in 2018. Elite, led by Michael Nakhleh, also owns Slater’s 50/50 and Gigi’s Cupcakes, among others.
“MOD has an outstanding culture and passionate, loyal guests and employees,” Nakhleh said in a statement. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”
Elite has little, if any, online presence and details about the company are scarce.
Related: MOD Pizza Raises $33 Million in Equity Capital to Fuel Growth
One of MOD’s missions is to hire people with barriers to employment, like people with disabilities and formerly incarcerated people. According to its website, 99 percent of MOD’s corporate-owned stores have hired employees in these categories. In 2019, over a third of MOD’s workforce came from groups with employment barriers.
MOD Pizza’s executives aren’t doing interviews at this time, a spokesperson said.