CapitalSpring, a New York-based private investment firm focused on branded restaurants, today announced a partnership to recapitalize Detroit’s Buddy’s Pizza and accelerate new store growth across the Midwest and beyond. Terms of the transaction were not disclosed.
Founded in Detroit in 1946, Buddy’s Pizza is recognized as the creator of Detroit-style pizza with its signature square pie prepared in square blue steel pans originally used on the city’s automotive assembly lines.
The company currently operates 12 restaurants throughout metro Detroit, and is slated to open a full-service eatery at the Detroit Zoo in Royal Oak this spring.
“This partnership is a significant opportunity for us to introduce Buddy’s iconic pizza, rich culture, and community roots to new customers in Detroit and beyond,” says Robert Jacobs, CEO of Buddy’s. “We are extremely excited for this new chapter and to have found a partner that can not only maintain our commitment to quality food and an exceptional guest experience, but also offer substantial restaurant expertise.”
Deloitte Corporate Finance served as lead financial advisor and Jaffe Raitt Heuer and Weiss served as legal advisor to Buddy’s in connection with the transaction. CapitalSpring was represented by Latham and Watkins and Federman Steifman.