Daily News | More Federal Donuts? Investors hope to grow to 150 locations
A decade since it opened on a South Philadelphia corner selling the quirky combination of fried chicken, doughnuts, and coffee, Federal Donuts has sealed an investment deal with a Main Line private-equity firm to grow the company nationally, well beyond its 11 locations.
The expansion, starting locally, could yield 150 locations nationwide within a few years, said Satya Ponnuru, a founder of the Radnor-based NewSpring Franchise. The deal, announced officially Tuesday, pairs three of Federal Donuts’ founders — chefs-restaurateurs Michael Solomonov and Steve Cook and its chief executive, Tom Henneman — with three new board members from NewSpring: Ponnuru, industry veteran Patrick Sugrue, a former chief executive of Saladworks, and Jeff Benjamin, Marc Vetri’s business partner in restaurants such as Vetri Cucina, Fiorella, and a forthcoming steak house in Bryn Mawr.Terms were not disclosed.
Private-equity investment is considered a logical and necessary next step for many small- and midsize businesses, particularly restaurants, that want to grow. NewSpring also works with Turning Point, a chain of breakfast-and-lunch restaurants. Iron Hill Brewery
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