Could Detroit-style pizza from blue steel pans be a hit across the nation?
The Michigan-based local chain with 12 locations in southeastern Michigan just announced that they’ve taken an undisclosed investment from CapitalSpring to recapitalize the company.
The express goal was to “accelerate new store growth across the Midwest and beyond.”
CapitalSpring is a private investment firm based out of New York that focuses on the restaurant industry. They firm manages assets of more than a $1.3 billion and has worked with brands like Taco Bell, Hardee’s and Denny’s.
“We are thrilled to support the Buddy’s team and look forward to working together to grow the brand over the coming years,” said Erik Herrmann, Managing Director at CapitalSpring. “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.”
The exact terms of the financial deal were undisclosed.
“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,” said Robert Jacobs, CEO of Buddy’s. “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 founding in 1946 in Detroit and they’re preparing to open their 13th location at the Detroit Zoo this spring.