AMERICAN FORK, UTAH — Four Foods Group (FFG), a Utah-based restaurant development, investment and management company, has finished placing more than $32 million of growth capital to fund the company’s restaurant services business. With the funding, FFG announced it plans to expand the Kneaders Bakery & Cafe concept.
Based in Orem, Utah, the first Kneaders Bakery & Cafe location was opened in 1997 by Gary and Colleen Worthington. The bakery and cafe chain now operates 53 locations across the western United States, including 44 that are owned by FFG. Kneaders is considered a “from-scratch bakery,” making a variety of sweet and hearth bread products daily for sale alongside soups, salads, sandwiches and desserts.
In addition to Kneaders, FFG said the funds will be used to expand the group’s other business operations, including R&R Barbeque and The Soda Shop.
|Andrew K. Smith, c.e.o. of Four Foods Group|
“As we announced last year, we are accelerating our efforts to grow our footprint across multiple restaurant concepts and brands and increase our locations across America,” said Andrew K. Smith, chief executive officer of FFG. “Our unique philosophy of providing management systems and access to capital as a partner with focused restaurant owner-operators has been wildly appealing and successful. We are now committed to several outstanding brands, including Kneaders, R&R Barbeque and The Soda Shop and will be adding others in the near future.”
CIT, a provider of commercial lending and leasing services, provided $22.7 million for acquisition financing with the remaining approximately $10 million coming through private investors and current FFG shareholders.
“Four Foods Group asked us to present a solution that would optimize their capital structure and support their acquisition activities,” said Doug McKenzie, commercial leader of CIT’s Franchise Finance business. “Our industry knowledge and our flexible lending process allowed us to meet their requirements under a tight deadline to fund future acquisitions.”FFG has 97 restaurant locations and additional sites in development or under construction.