At the end of last month, the fast casual chain Modern Market merged with Lemonade, a healthy fast casual concept based in L.A.
Although the farm-to-table eatery has teamed up with a fellow fast casual chain, this doesn't mean Modern Market will be closing up shop.
According to Anthony Pigliacampo, Modern Market co-founder, the chain, along with Lemonade will both remain separate identities.
The Modern Market team has lofty goals of expanding and merging with Lemonade is one of the ways they plan to achieve them.
So far, there are 30 Modern Market stores. In 2017, the restaurant's revenue spiked by 27 percent. Then in 2018, five new stores opened and the chain has plans to open three more locations in Colorado this year.
But to expand it takes capital.
About a year ago, the private equity firm Butterfly Equity acquired a majority share of Modern Market.
"We talked to many private equity groups, and we got on well with the team at Butterfly. Their philosophy was like ours. They saw that food was being disrupted. We believed that in restaurants, someone was going to rise and become the best brand and help bring a higher quality food to the masses. And Butterfly had the same world view," said Pigliacampo to "Forbes."
But a year later, Modern Market made the strategic decision to merge with Lemonade.
"With Butterfly’s owning both brands, we realized if we were working together there’s a ton of efficiencies to be gained that would allow us to run certain back-end functions more efficiently. We could provide better resources to solve problems. For example, financing and accounting of two restaurant chains that provide scratch-based menu with many small vendors is a very complicated accounting issue," said Pigliacampo to "Forbes."
What else is to come for the Colorado-based eatery? Read the full interview with Pigliacampo at "Forbes" now.
We have been following Modern Market's growth since the beginning. Pigliacampo was one of the stars of Foodable Network's documentary "Fast Casual Nation: Changing the Way America Eats."
Besides building a loyal customer-base with healthy-focused dishes, Modern Market has been ahead of the curve when it comes to incorporating technology. Check out the blast from the past video below where Pigliacampo outlines how technology enhances the chain's operations.