MOD Pizza Continues Growth in Key US Markets: Selects BBX Capital as New Franchisee for Florida
Posted on Uncategorized September 8, 2016
SEATTLE, WA -- (Marketwired) -- 09/08/16 -- MOD Super Fast Pizza Holdings, LLC ("MOD Pizza" or "MOD"), a pioneer of fast-casual pizza, and BBX Capital Corporation ("BBX Capital") (NYSE: BBX) today announced that BBX Capital has joined its growing family of select franchisees. BBX Capital has created a new division with the goal of developing 50 or more MOD locations throughout central and southern Florida over the next seven years, including the major metropolitan markets of Miami, Fort Lauderdale, Palm Beach, Orlando and Tampa. With this agreement, MOD now has eight franchisees across the U.S., and commitments to open approximately 200 franchise locations in 12 states (California, Colorado, Missouri, Kansas, Michigan, Indiana, Ohio, Kentucky, Georgia, South Carolina, North Carolina, and Florida).
MOD currently has 152 locations across 18 states and the United Kingdom. Founded by entrepreneurs Scott and Ally Svenson, MOD was inspired by the couple's love of Italian street-style pizza, their desire for authentic, affordable and fast dining options for their busy family and the idea that a great company could be built around people. The Svensons bring their experience from building two highly successful concepts -- Seattle Coffee Company and Carluccio's. MOD's team of advisors and executives bring experience from iconic brands such as Starbucks, Apple, Disney, McDonald's, Dunkin Donuts, and T-Mobile.
BBX Capital has extensive financial, real estate, hospitality and restaurant experience. In addition to its real estate portfolio, the company currently owns Bluegreen Corporation, a vacation ownership company, Hoffman's Chocolates, a manufacturer of gourmet chocolates with retail locations throughout South Florida, and BBX Sweet Holdings, a portfolio of candy companies throughout the United States. BBX Capital previously owned BankAtlantic, one of the largest and oldest retail banks headquartered in the state of Florida.
"For MOD, the single most critical factor is ensuring that our franchisees echo our belief in the value of a strong and vibrant culture in our stores. We continue to have a simple goal in our franchising strategy -- to build deep relationships with a select and limited set of distinguished franchisees," said Scott Svenson, co-founder and CEO of MOD Pizza. "We are humbled that the team at BBX Capital has joined the MOD family and share our desire to build something new and very special. We know they have the local market expertise and experience to help us spread the MOD culture across their home State of Florida."
MOD, with a business strategy of predominantly building company-owned stores, complemented with a select group of culturally-aligned and highly experienced franchisees, is nearing the completion of its team of U.S. franchisees. "With the addition of one or two more U.S. franchisees, which would bring our total to 10, we will have solidified our network of operators who will help us grow across the country," said John Dikos, Vice President of Partnerships of MOD Pizza.
"MOD has established itself as a leader in the fast casual pizza category while offering consumers an authentic, affordable and fast dining experience," said Jarett Levan, President of BBX Capital. "MOD's strong brand, people-first culture, and best-in-class customer service has positioned MOD very well for continued growth, and we are very excited to be teaming with Scott and Ally, and the entire MOD family to bring the concept to Florida."
MOD Pizza, a pioneer of the fast casual pizza segment, was founded in Seattle in 2008 by entrepreneurs Scott and Ally Svenson. MOD's individual artisan-style pizzas are made on demand, allowing customers to create their own pizzas and salads, using fresh-pressed dough, signature sauces and over 30 toppings, for one price. MOD was recently ranked as America's fastest growing chain restaurant by Technomic, earned a spot on the Inc. 5000 list as one of the fastest growing private companies in America in both 2015 and 2016 and was recognized by Fortune as one of the "20 Best Workplaces in Retail" for its progressive hiring practices and career growth opportunities. MOD has over 150 locations system-wide across 18 states and the United Kingdom. At the core of MOD is a purpose-led culture that is committed to being a force for good in communities throughout the U.S. and abroad, creating not only a cool place to eat, but an inspired place to work. For more information, please visit www.modpizza.com.
About BBX Capital Corporation:
BBX Capital (NYSE: BBX) is involved in the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. In addition, BBX Capital and its controlling shareholder, BFC Financial Corporation, have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC together own 100% of Bluegreen. As of June 30, 2016, BBX Capital had total consolidated assets of $390.5 million, shareholders' equity attributable to BBX Capital of $ 335.5 million, and total consolidated equity of $337.4 million. BBX Capital's book value per share at June 30, 2016 was $20.47. For more information, please visit www.BBXCapital.com.
This press release contains forward-looking statements by BBX Capital based on current expectations that involve a number of risks and uncertainties. All opinions, projections, future plans or statements other than statements of historical fact, are forward-looking statements and may include words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. There is no assurance that such expectations will prove to be correct. When considering forward-looking statements, the reader should keep in mind the risks and uncertainties, including, but not limited to: the risk that BBX will not be successful in achieving its goal of developing MOD locations; risks associated with the development and operation of the locations; and the risk that the locations may not be successful and that BBX may not achieve the returns anticipated.
For MOD Pizza:
For BBX Capital:
Kip Hunter Marketing
Aimee Adler/ Jodi Goldstein
BBX Capital, Managing Director
Source: BBX Capital Corporation