Lemonade Restaurant Group (“Lemonade”) today announces that it has partnered with leading global investment firm KKR. The funding will accelerate Lemonade’s continued expansion. Terms of the transaction were not disclosed.
Founded in 2008, Lemonade currently operates 14 fast-casual restaurants in Southern California in a modern cafeteria setting, focused on high-quality, chef-driven items, a broad rotating menu, and a highly-customizable experience.
“KKR has a long track record of supporting management teams in fulfilling their visions. We are proud of what we have achieved to date, but we believe a partnership with KKR will help us reach new heights,” says Alan Jackson, Founder and CEO of Lemonade Restaurant Group. “KKR will be active at the Board level in helping to refine our strategy and grow the business in a purposeful and deliberate manner.”
“We truly believed that Lemonade was at a point where it made sense to partner with institutional capital,” says Ian Olsen, Chief Operating Officer of Lemonade Restaurant Group. “We wanted to assemble a team of world-class talent that would allow us to expand and better serve customers in our current and future markets. When measuring the pedigree of KKR and their track record as ‘brand-builders,’ the decision was an easy one. We believe this partnership will help us transform Lemonade from a regional brand to something much bigger and broader – part of a national conversation.”
Horowitz Group was an early-stage investor and will continue to serve on the Board of Directors. North Point Advisors acted as financial advisor to Lemonade. Davis Wright Tremaine acted as legal advisor to Lemonade. Simpson Thacher & Bartlett acted as legal advisor to KKR.
About Lemonade Restaurant Group
Lemonade (www.LemonadeLA.com) is a Los Angeles-based restaurant company best described as a modern cafeteria serving seasonal Southern California comfort food. First opened in 2008 by Chef and Founder Alan Jackson, Lemonade captures the Southern California spirit of culinary adventure and an appreciation for the freshest seasonal ingredients. Executed in a celebratory atmosphere, the cafes put an emphasis on convenience and affordability, while placing the customer at the center of the user experience.
Since the opening of its flagship location in West Hollywood more than six years ago, Lemonade has opened 15 locations throughout Los Angeles, Orange County and surrounding communities, as well as Dubai. A citywide favorite, Lemonade has ambitious plans both within and outside of Southern California. The concept was recently voted “Best Fast Casual Restaurant” for 2014 by LA WEEKLY. A unique and bold alternative to traditional fast-food, Lemonade caters to people looking for a quick lunch or a healthy “grab and go” dinner for the family.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
About Horowitz Group
Horowitz Group is a single family investment office based in Southern California. The group invests opportunistically in private equity and real estate and was an early capital provider to multi-unit brands, such as Lemonade Restaurant Group, Sprouts Farmers Market, and MiniLuxe, Inc.