LOS ANGELES, June 8, 2016 /PRNewswire/ -- Lemonade Restaurant Group ("Lemonade"), a Los Angeles-based fast-casual restaurant company that serves seasonal California cuisine, today announced that it has received a significant equity investment from Butterfly, a Los Angeles-based investment firm specializing in investing in the food industry. The investment is intended to provide additional funding for Lemonade's continued expansion and growth. Terms of the transaction were not disclosed.
Founded in 2008, Lemonade currently operates 22 fast-casual restaurants throughout Southern California and the San Francisco Bay Area in a modern cafeteria setting, focused on high-quality, chef-driven items, a broad rotating menu, and a highly customizable experience.
With its significant investment in Lemonade, Butterfly joined global investment firm KKR as a partner in the restaurant chain, which recently began an expansion into the San Francisco Bay Area. Lemonade is adding six Bay Area restaurants in former La Boulange locations; one opened in May in downtown San Francisco, and another is expected to open in downtown Palo Alto later this month.
"We are thrilled to be partnering with the Butterfly team, which brings a tremendous amount of industry experience and energy to the Lemonade team," said Alan Jackson, Founder and CEO of Lemonade Restaurant Group. "We are confident this investment will help us continue to expand and reach new heights."
"Lemonade is an extraordinary brand and we are excited to be partnered with them and KKR to help grow the business and bring its unique offering to new markets throughout the U.S. and around the World," said Adam Waglay, Co-Founder of Butterfly.
"This is an impressive company that has built a very loyal following and is positioned extremely well for growth," said Dustin Beck, Butterfly's other Co-Founder. "The future looks very bright and we are pleased to be a part of it."
KKR welcomed Butterfly's involvement in Lemonade. "We are excited to be working alongside Butterfly and expect their investment and involvement to be instrumental as the business continues to grow and expand," said Nate Taylor at KKR.
Davis Wright Tremaine acted as legal advisor to Lemonade. Kirkland & Ellis acted as legal advisor to Butterfly.
About Lemonade Restaurant Group:
Lemonade is a Los Angeles-based restaurant company known for their unique and seasonally changing menu that provides healthy, farmer's market-inspired food at an affordable price to its guests in a relaxed, eco-friendly space. First opened in 2008 by Chef and Founder Alan Jackson, Lemonade captures the California spirit of culinary adventure and an appreciation for the freshest seasonal ingredients. Executed in a celebratory atmosphere, the restaurants put an emphasis on convenience and affordability, while placing the customer at the center of the user experience.
Since the opening of its flagship location in West Hollywood in 2008, Lemonade now has 22 locations throughout Los Angeles, Orange County, San Diego and more recently the San Francisco Bay Area.
About Butterfly:
Butterfly Enterprises ("Butterfly") is a Los Angeles-based investment firm that specializes in the food industry, including agriculture and aquaculture, food and beverage products, food retail and distribution, and restaurants and hospitality. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing and screening transactions, and leveraging extensive operational expertise. Butterfly looks to partner with founders and operators who share a vision for creating significant value over the long-term with a customer-centric approach.
About KKR:
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
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SOURCE Lemonade Restaurant Group
