Stripes funds restaurant chain Snooze

Stripes Group has made an undisclosed investment in breakfast and brunch chain Snooze, an A.M. Eatery. In conjunction with the funding, Stripes Group’s Ken Fox, Karen Kenworthy and David Swinghamer have been added to Snooze’s board of directors. Currently, Snooze runs 17 restaurants in Colorado, Arizona, California and Texas.

PRESS RELEASE

Stripes Group is pleased to announce that it has made an investment in Snooze, an A.M. Eatery, a fast growing culinary-driven breakfast and brunch concept. Snooze currently operates 17 restaurants across Colorado, Arizona, California and Texas, and will continue to expand in existing and new markets.

“We built Snooze with the idea that today’s guests crave unique, responsibly sourced food served in a fun, culture-driven environment. Starting with a single location in Denver, Snooze has grown into an industry leader in our segment,” said David Birzon, CEO of Snooze.

Founded by brothers Jon and Adam Schlegel in 2006, Snooze has developed an engaged following thanks to its menu of creative takes on traditional breakfast and brunch favorites including pancakes, benedicts and cocktails. Each location features Snooze’s signature colorful atmosphere and retro-futuristic décor, including circular booths, rollaway garage doors and expansive outdoor dining patios. Core to Snooze is a commitment to sustainability through practices such as responsibly sourcing local ingredients where possible, and recycling and composting more than 90% of waste from every store.

“The Snooze team has built a culture, menu and restaurant experience that uniquely meets consumers’ insatiable demand for great food made with ingredients we can all understand,” said Ken Fox, Managing Partner of Stripes Group. “We are very excited to support Snooze’s continued growth to provide even more people with the best breakfast experience in the world.”

Snooze’s employees, whose ethos and passion are a big part of creating the restaurant’s outstanding dining experience, have been vital to the Company’s growth. It is Snooze’s determination to maintain its culture throughout its growth that led to the alignment between Snooze and Stripes Group. “We were looking for a partner who had experience with disruptive high growth companies, as well as a differentiated focus on people and teams. Stripes was the perfect fit,” said David Birzon. Karen Kenworthy, a Partner at Stripes Group said, “We are honored to partner with David and the entire Snooze team. Their focus on culture has attracted a highly engaged, talented and energetic team who all work together to create an experience for guests that stands out in the restaurant industry.”

In its 13 years of investing, Stripes Group has partnered with market leaders and disruptors across food and technology. Through investments in Blue Apron, GrubHub, Califia Farms and Stella & Chewy’s, Stripes Group has helped drive rapid expansion and brand building in market segments that range from dining and food delivery to plant-based beverage and premium pet.

After the investment, Ken Fox, Karen Kenworthy and David Swinghamer will be joining Snooze’s Board of Directors. David is an Operating Partner at Stripes Group and has held a variety of executive roles in the restaurant industry during his career. He has previously served as Chief Executive Officer and Chief Development Officer at Shake Shack, President of Growth Businesses at Union Square Hospitality Group and Vice President and Partner of Lettuce Entertain You Enterprises. “Snooze has rewritten the book on breakfast dining. By focusing on culinary excellence and creating an upbeat, hospitality driven environment, Snooze has become one of the most exciting emerging restaurant brands in the country. We could not be more pleased to be their partner,” said David Swinghamer.

About Stripes Group
Based in New York City, Stripes Group is a leading growth equity firm that invests in Internet, Digital Media, Software, and Branded Consumer Products businesses around the world. For over a decade, Stripes Group has been partnering with market-leading companies with proven business models that are generating exceptional growth. For more information on Stripes Group, visit www.stripesgroup.com.

Company Highlights
• Snooze was founded in 2006 and currently operates 17 restaurants across Colorado, Arizona, California and Texas.

• Snooze intends to use this funding to support continued expansion and innovation.

• Core to Snooze is a commitment to sustainability through practices such as responsibly sourcing local ingredients where possible, and recycling and composting.

• Stripes Group managing partner Ken Fox, partner Karen Kenworthy and operating partner David Swinghamer will be joining Snooze’s Board of Directors