Protein Bar is a chain of healthy fast food restaurants established in 2009 with a single store across the street from Willis Tower. Protein Bar had been in late stage acquisition discussions with Catterton Partners, a private equity firm, according to documents received by Crain.
Once the deal had been completed, Catterton would hold a majority stake in Protein Bar. The deal between the two firms was valued USD22 million. The proceeds of the sale would be used by Protein Bar for further expansion. This included opening up to 15 new stores in Illinois and other states by 2014. A portion of the proceeds would also be used for key management hires. According to previous reports, Protein Bar had around 60 investors with its majority coming from Chicago.
Protein Bar had grown from its modest beginning of USD1300 daily revenue to more than USD8000 in daily revenue. This was according to Protein Bar founder and CEO Matt MAtroos and largest investor Ken Leonard.
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