Eatontown, New Jersey-based Turning Point, a restaurant chain, has secured an undisclosed amount of funding. The investors were NewSpring Mezzanine and Larsen MacColl Partners.
RADNOR, Pa.–(BUSINESS WIRE)–NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine (“NewSpring”), the Firm’s dedicated mezzanine strategy, and Larsen MacColl Partners have completed a growth investment in Turning Point Holding Company, LLC (“Turning Point” or the “Company”), a leading breakfast, brunch, and lunch concept. Proceeds from the investment will be used to fuel Turning Point’s new location growth. Terms of the transaction were not disclosed.
Headquartered in Eatontown, New Jersey and founded in 1998, Turning Point is an award-winning breakfast, brunch, and lunch concept known for its made-from-scratch menu using locally-inspired seasonal ingredients. Turning Point has won many accolades for its innovative menu, exceptional service, and warm environment. Turning Point currently operates 16 locations in the Mid-Atlantic. With the support of NewSpring and Larsen MacColl Partners, Turning Point plans to open new units in existing and new markets.
“At Turning Point, we are passionate about consistently providing the highest-quality experience to our customers,” said Kirk Ruoff, Turning Point Founder and CEO. “This investment is an exciting next step for our business as we continue our expansion into new territories, while simultaneously strengthening our existing locations and maintaining the high standard of service our customers expect each day. This is a great start to the year and we are eager to continue our growth plan.”
Breakfast and daytime dining is one of the fastest growing categories in the restaurant industry. With a strong repeat customer base backed by over 20,000+ ‘Perk Card’ members, and a proven, repeatable model for developing, opening, and ramping new locations, Turning Point is well-positioned to expand and capitalize in this growing market.
“Turning Point’s dependable track record of success and brand loyalty over the last 20 years speaks for itself,” said Anne Vazquez, NewSpring Partner. “We see a tremendous opportunity to increase the Company’s geographic footprint through new store openings and are excited to partner with Kirk and Larsen MacColl Partners to take Turning Point to the next level.”
“Turning Point is a leader in the growing breakfast category with a history of strong unit volumes and consistent performance across locations. We look forward to leveraging our prior experience in the restaurant industry while working alongside Kirk and the NewSpring team to support the growth of the Company,” said Satya Ponnuru, Partner, Larsen MacColl Partners. “Turning Point is well-positioned for growth and we remain committed to its success in the years ahead.”
About Turning Point
The Turning Point breakfast, brunch, and lunch started in 1998 in Little Silver, New Jersey. Turning Point prides themselves on offering a creative daytime menu made with the highest quality ingredients that are sourced locally when the season permits. They crack hundreds of Lancaster County, PA eggs a day because they know it’s the best thing for their customers. Every item on their menu is cooked to order and special requests are never a problem. Served in a dining room that is warm and inviting, guests feel comfortable and receive a never-rushed dining experience. For more information, visit www.theturningpoint.biz.
Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $1.8 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 140 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Larsen MacColl
Larsen MacColl Partners invests in established and profitable companies with annual sales between $5 and $50 million. They seek to partner with companies with proven business models, solid management teams, and significant growth opportunities. To learn more, visit www.larsenmaccoll.com.