MOD Pizza agrees to sale to Elite Restaurant Group

MOD Pizza agrees to sale to Elite Restaurant Group
MOD Pizza agrees to sale to Elite Restaurant Group

MOD Pizza, one of the once high-growth fast-casual pizza concepts, has agreed to a sale to Elite Restaurant Group, the companies announced Wednesday.

MOD Super Fast Pizza Holdings LLC, based in Bellevue, Washington, announced that Elite Restaurant Group, based in Chatsworth, California, has acquired 100% of MOD’s stake as part of a merger agreement between the company and an Elite subsidiary, it said in a news release. Terms were not disclosed.

“MOD has an outstanding culture and passionate, loyal guests and employees,” said Michael Nakhleh, president of Elite Restaurant Group, in a statement. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter of its story.”

The 512-store pizza chain MOD Pizza said earlier this week “All options” were considered. including a suspected bankruptcy filing under the US Chapter 11 procedure. The company had closed several locations this year.

MOD ended 2023 with 553 locations, up 4.1% from 2022. Revenues rose 5.7% to $699.2 million last year, according to Technomic data. Until recently, MOD has been growing steadily:

  • In 2019, the company ended the year with 467 locations and revenue of $483.5 million.
  • In 2020, despite the COVID pandemic, the company achieved 489 units and sales of $461 million.
  • In 2021, the company closed with 506 locations and revenue of $590 million
  • In 2022, the company closed with 531 locations and revenue of $661.8 million

Founded in 2008 by Scott and Ally Svenson, MOD was part of the build-your-own fast-casual pizza category that included operators like Blaze, Pieology, Pie Five, PizzaRev, and others.

“MOD is a beloved brand with a strong following,” said Beth Scott, CEO of MOD Pizza, in a statement. “We are excited to partner with Elite Restaurant Group to strengthen MOD’s future.”

Nakhleh’s Elite has acquired other brands, like for example Slater’s 50/50, pizza concepts such as Project Pie and Patxi’s Pizza, family restaurant Marie Callender’s, Mediterranean concepts Daphne’s and Noon Mediterranean and cupcake chain Gigi’s Cupcakes.

Contact Ron Ruggless at (email protected)

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