Spread Bagelry is raising $15 million so it can open up to 18 new stores over two years in the region, writes Emma Dooling for Philadelphia Business Journal.
The expansion would double the company’s store footprint by the end of 2028.
Spread Bagelry is majority-owned by Radnor private equity firm MVP Capital Partners, which came on board with investments in 2018. The goal is to bring on a minority partner to facilitate the expansion.
CEO Tom Selementi is talking with several restaurant investment funds.
“I think it’s a great investment for a restaurant [private equity] firm to get into Spread right now, on this trajectory path, before we really hit it big,” said Selementi.
The CEO has previously helped scale Le Pain Quotidien and Bluestone Lane.
Spread first opened in Rittenhouse Square in 2010, offering Montreal-style bagels. The chain grew to 16 locations in Pennsylvania, New Jersey, South Carolina, and Georgia. A 17th store is opening in Atlanta.
Thirteen of Spread’s 16 bagel shops are in the Philadelphia area. Since Selementi started as CEO in June, store sales have increased 10 percent and customer satisfaction scores have increased on Google and Yelp.
Read more about Spread Bagelry’s expansion and improvements in the Philadelphia Business Journal.
