Pacific Catch has received a significant investment from private-equity firm Brentwood Associates, with plans to grow the polished-casual seafood chain along the West Coast, the restaurant operator said Tuesday.
The chain includes seven restaurants in the San Francisco Bay Area serving a healthful, Pacific-Rim-inspired menu, from Hawaiian-style poke and sushi to fish tacos and fried fish and chips, with daily catch specials featuring sustainable seafood.
Terms of the deal were not disclosed, and Pacific Catch would not disclose whether Brentwood was taking a majority stake.
Steve Stoddard, who joined Pacific Catch as CEO in 2013, will continue to lead the existing management team under the deal, the company said.
The goal is to expand the chain into new markets, moving first into Southern California, said Tom Hanson, Pacific Catch chief operating officer.
“Brentwood Associates are going to be partners with us. They’ll help us grow our concept, and it’s the right time to expand up and down the West Coast,” Hanson said.
The chain plans to add three restaurants in 2017, and five locations the following year, scaling up from there, Hanson noted. All restaurants will be company owned.
Positioned as a “Westcoast Fish House,” San Francisco-based Pacific Catch was founded in 2003 by industry veterans Keith Cox and Aaron Noveshen, who together also founded and later sold the World Wrapps chain. Separately, Noveshen also founded food, brand and operations consulting group The Culinary Edge. In 2014, he added a restaurant incubator called The Culinary Edge Ventures, or TCEV.
Both remain as equity stakeholders, along with private-equity firm Pacific Community Ventures, which led a $4 million investment round in Pacific Catch in 2010.
Los Angeles-based Brentwood Associates has a number of other restaurant investments within its portfolio, including Veggie Grill, Lazy Dog Restaurant & Bar, and Zoës Kitchen, as well as Taco Bell franchise operator K-Mac Holdings Corp.
Rahul Aggarwal, partner at Brentwood, said in a statement, “Pacific Catch is a highly differentiated restaurant concept with excellent leadership, an inspiring and flavorful menu and a great culture of supporting community and sustainability. We look forward to our partnership with Steve and the rest of the team.”
Pacific Catch was represented by Veritas Corporate Law, and Brentwood Associates was represented by Burr & Forman LLP.