FORMERLY PE OWNED
MOD Pizza
Includes MOD
fast casual · Bellevue, WA
- PE Firm
- Clayton, Dubilier & Rice →
- Acquirer
- Clayton, Dubilier & Rice / PWP Growth Equity
- Year Acquired
- 2019
PE poured $339 million into one of America's fastest-growing pizza chains, pushed it to 550+ locations, then sold it off in a distressed deal to dodge bankruptcy.
What Happened
- PE firms PWP Growth Equity and Clayton, Dubilier & Rice led MOD Pizza's funding rounds from 2015 to 2019, pushing its total raise to $339 million
- Expanded from a small chain to 550+ locations as PE money fueled aggressive growth — adding locations faster than the brand could support them
- Sold 100% of its equity to Elite Restaurant Group in July 2024 in a deal meant to stave off bankruptcy; terms were never disclosed
- By 2025 MOD had defaulted on its loan agreement, hit by recurring losses and a lack of capital
The Damage Done
- Nearly 100 locations closed for good across 2024 and 2025. Regulars who'd made MOD their pizza spot showed up to find the doors locked.
- From 550+ locations to roughly 450 and still shrinking. More than a year after the rescue sale, MOD's own franchise filings question whether it can stay in business
Sources
- MOD Pizza Acquired by Elite Restaurant Group — Restaurant Business Online(2024-07-10)
- PWP Growth Equity Leads $32M in Equity Funding for MOD Pizza — Perella Weinberg Partners(2016-06-15)
- MOD Pizza Continues to Shrink Amid Warnings About the Chain's Long-Term Health — Restaurant Business Online(2025-11-05)
- MOD Pizza raises another $160M — Restaurant Business Online(2019-05-21)
- MOD Pizza acquired by Elite Restaurant Group — Restaurant Dive(2024-07-09)