Just days after it was reported that Bellevue-based MOD Pizza could file for bankruptcy, a Southern California-based restaurant announced it has purchased the casual food company.
MOD Pizza said in news release that Elite Restaurant Group acquired the pizza chain via a merger agreement between MOD and an affiliate of Elite.
Terms for the deal were not disclosed.
“MOD has an outstanding culture and passionate, loyal guests and employees,” said Michael Nakhleh, president and owner of Elite Restaurant Group in a news release. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”
MOD is known for its fast, personal custom pizzas and salads with more than 500 franchised and company-operated locations scattered across 28 states and Canada.
Locations in the United Kingdom closed in 2020. The company had started its international expansion in 2016.
A news release from the company said MOD has been working on a plan in recent months that would strengthen its portfolio, refresh the brand and further elevate guest experience.
“MOD is a beloved brand with a strong following,” said Beth Scott, CEO of MOD Pizza, in the release. “We’re excited to work with Elite Restaurant Group to strengthen MOD’s future.”
MOD Pizza was started in 2008 by entrepreneurs Scott and Ally Svenson.
It’s the latest restaurant brand that Elite Restaurant Group has acquiredand rescued from filing for bankruptcy.
Other notable brands the group has purchased are Gigi’s Cupcakes chain and Project Pie restaurants which were quickly rebranded into Patxi’s Pizza in 2019.