MOD Pizza has its eye on reaching 500 stores this year.
The fast-casual chain increased sales by 24% to $493m last year, as it added a further 64 stores to its 468-strong network.
It also expanded into Canada with the opening of a store in Langford, British Columbia, in December.
The company completed a $160m equity financing led by Clayton, Dubilier & Rice and supported by existing investors Fidelity and PWP Growth, bringing the total equity raised to date by the company to over $339m.
Scott Svenson, co-founder and CEO at MOD Pizza, said the company will get to 500 stores this year.
“Over the past 11 years, we have built MOD upon the conviction that we could create a best-in-class business by putting our people and the communities we serve first. We continue to believe deeply in this more enlightened form of capitalism. CD&R’s investment further validates our belief that profit and social impact can and should co-exist,” he said.
“The funds we raised in 2019 enabled us to pursue a number of key growth and business improvement initiatives that have set the stage for significant progress in 2020 as we move towards the opening of our 500th store.
“We’re incredibly excited for what the future holds as we continue to deepen our commitment to our people-first, purpose-driven culture and build upon our position as the leader in fast casual pizza.”