Black Bear Diner Secures Investment from PWP Growth Equity
Investment positions Black Bear Diner for continued growth and expansion.
REDDING, Calif. - February 22, 2016 - (BUSINESS WIRE) - Black Bear Diner, a 75-unit family dining franchise concept in eight western states, announced today an investment from PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners that invests in leading, growth-oriented lower middle market companies. Financial terms of the transaction were not disclosed.
The partnership with PWP Growth Equity positions Black Bear Diner for sustained growth and continued expansion. The investment will allow Black Bear Diner to continue to invest in people, systems, and processes, while adding locations in new and existing markets. Bruce Dean, president and co-founder of Black Bear Diner, and the entire executive team will remain in their current roles and will continue to lead the company through its next phase of growth.
Black Bear Diner is a premier concept in the family dining space, offering bear-sized food portions at an excellent value in a bear-themed restaurant. The company posted a record $180 million in system net sales to close out 2015, and has experienced 20 consecutive quarters of same-store-sales growth. In 2016, the company is projected to open 16 new units in current markets featuring a mix of existing franchisees and corporate stores.
“This is an exciting opportunity for us to build a robust national footprint and share our brand with so many more customers,” said Dean. “Our plan is to nurture this investment by focusing on smart, steady growth. That philosophy remains unchanged even as we eye national expansion. PWP Growth Equity understands and shares that vision and we’re thrilled to partner with them.”
Chip Baird, co-head of PWP Growth Equity, said, “We are pleased to be partnering with Bruce and the entire Black Bear Diner team to help the company achieve its growth potential. Black Bear offers a differentiated family dining experience centered on high-quality ingredients, made-from-scratch menu items and an unmatched dining experience. We look forward to bringing this unique concept to a broader market through our investment.”
About Black Bear Diner
Founded in Mt. Shasta, California in 1995, Black Bear Diner was born from a desire to bring home-style comfort food classics and personal service back to the dining experience. The award-winning family dining concept offers a vast menu anchored on hearty portions and excellent value. The company has grown to 75 locations in eight western states and is consistently recognized as one of the smartest and fastest growing brands. The company was named one of Franchise Time’s “Smartest Growing Brands,” recognized by Nation’s Restaurant News as a “Top 200” restaurant concept, recognized by Entrepreneur Magazine as a “Top 500 Franchise” (#336), and as one of INC Magazine’s 5,000 fastest growing companies (#2511). For additional information, please visit www.BlackBearDiner.com
About Perella Weinberg Partners (PWP) Growth Equity
PWP Growth Equity is a $600 million private equity fund managed by Perella Weinberg Partners Capital Management LP. PWP Growth Equity is focused on growth-oriented, lower middle market companies, primarily in the United States, across the consumer, services, and industrial sectors. PWP Growth Equity seeks to partner with existing owners and management teams, providing both capital and experience in a tailored and flexible structure, to support the growth plans and vision for value creation.
SOURCE Black Bear Diner
For Black Bear Diner
For Perella Weinberg Partners
Perella Weinberg Partners
Denise DesChenes / Renee Soto
Sard Verbinnen & Co