Pryor Cashman Represents by CHLOE in Securing $31M in Funding for Expansion
Pryor Cashman represented BC Hospitality Group Inc., owner of plant-based fast casual restaurant chain by CHLOE, in the sale of Series A preferred stock to a group of investors led by Bain Capital and Kitchen Fund, LP. The $31 million in funding will allow by CHLOE to double its footprint to 20 locations in the U.S., Europe and the Middle East.
News of the transaction was reported by multiple outlets, including Eater New York, Moneyish and QSR.
By CHLOE was founded in 2015 and has grown from its West Village flagship in New York City to 10 global units, including five in NYC, one in Los Angeles, two in Boston, a store in Providence, Rhode Island and one in London, along with a dedicated bakery, Sweets by CHLOE.
The chain is known for its plant-based dishes with meatless takes on burgers and barbecue, as well as salads, pastas, juices and desserts. Prices are comparable to Shake Shack with meals ranging from $4.95 to $10.95.
The Pryor Cashman Team
Representing BC Hospitality Group in the transaction from Pryor Cashman’s nationally-recognized Corporate Group was Partner Eric M. Hellige, Co-Chair of the Group, along with Associates Jennifer Wang and Matthew Repetto. Partner Eric B. Woldenberg, Chair of the firm’s Tax Group, advised on various aspects of the deal, including tax matters.
