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MOD Pizza is acquired by the Elite Restaurant Group

MOD Pizza is acquired by the Elite Restaurant Group
MOD Pizza is acquired by the Elite Restaurant Group

MOD Super Fast Pizza LLC has agreed to be acquired by Elite Restaurant Group. Terms were not disclosed.

Bellevue-based MOD was founded in 2008 and has been growing until recently. Today, the company operates more than 500 stores in the U.S. and Canada, but has reportedly had to close more than two dozen this year. Bloomberg The Defense Department reported last week that it was close to filing for bankruptcy. It has also reportedly stopped payments to suppliers.

Trade publication Restaurant news of the nation reports that Chatsworth, California-based Elite has acquired struggling restaurant brands in the past, although it’s unclear if any of them operate in Washington state, except perhaps Patxi’s Pizza, which has a location in Ballard. It’s not clear if Elite still owns Patxi’s.

MOD was founded in 2008 by Scott and Ally Svenson, who previously founded and sold both Seattle Coffee Co. and Carluccio’s Ltd., an Italian restaurant chain. Last January, the chain named restaurant veteran Beth Scott as its new CEO.

In May 2019, the chain announced it had raised a $160 million round of equity financing and set a goal of 1,000 locations. A press release said it had revenue of $398 million at the time and added 218 locations in 2018. It also said it had raised about $339 million worth of equity.