Buddy’s Pizza the restaurant that introduced The Original Detroit Style Square Pizza, and CapitalSpring, a private investment firm focused exclusively on the branded restaurant industry, today announced a partnership to recapitalize the Company and accelerate new store growth across the Midwest and beyond. Terms of the transaction were not disclosed.
Founded in 1946 in Detroit, Buddy’s is widely recognized as the originator of Detroit-style pizza, with its signature square pie. Prepared in square, blue steel pans originally used to hold nuts and bolts on Detroit’s automotive assembly lines, Buddy’s Pizza is authentically Detroit. The Company operates 12 restaurants throughout the Motor City and surrounding area and is set to open its 13th location, a full-service eatery at the Detroit Zoo, this spring. Beyond being a local favorite for generations, Buddy’s has earned numerous top ten pizza awards and has been celebrated nationally for its outstanding pizza and strong community involvement across Detroit.
“We are thrilled to support the Buddy’s team and look forward to working together to grow the brand over the coming years,” said Erik Herrmann, Managing Director at CapitalSpring. “It’s rare to find a restaurant concept with such signature food, deep-rooted brand equity, and passionate customers, and we are honored to be their partner in accelerating the business.”
“This partnership is a significant opportunity for us to introduce Buddy’s iconic pizza, rich culture and community roots to new customers in Detroit and beyond,” said Robert Jacobs, CEO of Buddy’s. “We are extremely excited for this new chapter and to have found a partner that can not only maintain our commitment to quality food and an exceptional guest experience, but also offer substantial restaurant expertise.”
Deloitte Corporate Finance, LLC served as lead financial advisor, and Jaffe Raitt Heuer & Weiss served as legal advisor to Buddy’s in connection with the transaction. CapitalSpring was represented by Latham & Watkins and Federman Steifman.
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