Buddy’s Pizza to expand across Midwest
Detroit-based Buddy’s Pizza has partnered with a private investment firm in a move that will allow the chain to expand across the Midwest, company officials said Wednesday.
New York-based CapitalSpring made an undisclosed investment in the pizza chain. Deloitte Corporate Finance LLC was lead financial adviser on the transaction. No financial terms were disclosed.
“This partnership is a significant opportunity for us to introduce Buddy’s iconic pizza, rich culture and community roots to new customers in Detroit and beyond,” Robert Jacobs, CEO of Buddy’s, said in a statement Wednesday. “We are extremely excited for this new chapter and to have found a partner that can not only maintain our commitment to quality food and an exceptional guest experience, but also offer substantial restaurant expertise.”
Buddy’s was founded in 1946 in Detroit and is recognized as the originator of Detroit-style pizza — a signature square pie made in blue steel pans originally used to hold nuts and bolts on Detroit’s auto assembly lines, according to the company.
There are 12 Buddy’s restaurants in Metro Detroit, with a 13th set to open at the Detroit Zoo in the spring.
“We are thrilled to support the Buddy’s team and look forward to working together to grow the brand over the coming years,” Erik Herrmann, managing director at CapitalSpring, said in a statement. “It’s rare to find a restaurant concept with such signature food, deep-rooted brand equity and passionate customers, and we are honored to be their partner in accelerating the business.”
CapitalSpring has investments in more than 50 restaurant brands.