RADNOR, PA — NewSpring, a private equity firm known for its investment strategies, has announced a significant investment in Great Harvest Holdings, LLC. This move is part of NewSpring Franchise’s plan to support innovative franchise and multi-unit concepts in expanding markets. Great Harvest, a fast-casual bakery and café franchise, operates approximately 175 locations across the United States.
Founded in 1976, Great Harvest is renowned for its freshly baked bread, baked goods, and a diverse menu including sandwiches, salads, soups, breakfast items, and various beverages. The investment from NewSpring will be used to bolster franchise development, enhance supply chains, and strengthen marketing efforts, aiming to accelerate the brand’s growth.
Patrick Sugrue, NewSpring General Partner, commented on the investment, saying, “Great Harvest is a leader in the bakery and café category, establishing its brand and customer value proposition with a high-quality product offering.” He emphasized that NewSpring’s expertise in the franchise restaurant industry will help propel Great Harvest’s growth from its already robust foundation.
Mike Ferretti, CEO of Great Harvest, expressed his enthusiasm, stating, “Partnering with NewSpring Franchise is the perfect next step, as their impressive track record of elevating and expanding franchise concepts…will be critical to driving our continued success.” Ferretti looks forward to working with Sugrue and Satya Ponnuru as new board members to guide the brand’s future expansion.
This investment marks the fourth transaction for NewSpring Franchise’s dedicated investment fund, aligning with their strategy of targeting consumer-facing, multi-unit businesses with strong customer value propositions and proven unit-level economics. The collaboration between NewSpring and Great Harvest is set to enhance the franchise’s footprint and customer engagement across its markets.
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