Private equity firm L Catterton has made a “significant investment” in the nine-unit Colorado-based Urban Egg concept, the companies said Thursday.
Colorado Springs, Colo.-based Urban Egg, owned by Rocky Mountain Restaurant Group Inc., has units in Colorado and Kansas will use the investment to grow its daytime-dining concept, the companies said.
Greenwich, Conn.-based L Catterton’s Growth Fund did not disclose terms of the deal, but the companies said it was a “significant investment.”
Urban Egg, founded in 2012 by Randy and Liz Price, offers breakfast, brunch and lunch and a menu based on locally sourced ingredients. Units are open 7 a.m. to 2 p.m. Monday through Friday and 7 a.m. to 2:30 p.m. on Saturday and Sunday.
Urban Egg has eight units in Colorado Springs, Denver, Fort Collins, and Johnstown. In 2022, the brand expanded to Overland Park, Kan. The location was recently named a Hot New Concept by the Kansas Restaurant and Hospitality Association.
"We created Urban Egg a decade ago after identifying a major gap in the elevated dining segment of breakfast and brunch in my hometown of Colorado Springs," said Randy Price, Urban Egg CEO and founder, in a statement. Parent Rocky Mountain Restaurant Group also owns one unit of Salsa Brava Fresh Mexican Grill in Colorado Springs.
"Based on the success of our initial restaurant, we have been able to slowly grow our footprint across Colorado, and most recently to Kansas,” Price said said. “With L Catterton's one-of-a-kind track record of growing distinctive restaurant brands, we will be able to accelerate our dreams of bringing America's best breakfast to more deserving consumers across the country.”
Jon Owsley, co-managing partner of the Growth Fund at L Catterton, said, “Daytime dining is one of the most attractive segments of the restaurant sector and has proven resilient throughout cycles with consistent year-over-year growth."
L Catterton has invested in other restaurant brands, including Bartaco, Cheddar’s, Chopt Creative Salad Co., Dos Toros Taqueria, First Watch, Hopdoddy, Mendocino Farms, Noodles & Company, P.F. Chang’s China Bistro, Piada, Primanti Bros., and Velvet Taco.
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