Greenwich Private Equity Firm Sells Stake In Punch Bowl Social

GREENWICH, CT — Greenwich private equity firm L Catterton announced this week it has sold its stake in Punch Bowl Social to Cracker Barrel Old Country Store. Terms of the transaction were not disclosed, according to a statement from the firm.

Punch Bowl Social is an "eatertainment" restaurant chain that operates under the leadership of Founder and CEO Robert Thompson.

Since forming a partnership, L Catterton and Thompson have worked closely together to expand Punch Bowl Social's national footprint, more than doubling its number of locations to 17 over the past two years. The chain's website indicates it plans to open eight more new locations between 2019 and 2020.

"With its differentiated menu and accessible, entertaining and engaging environment, Punch Bowl Social has established a loyal following among its core millennial and Gen Z customer base," Jon Owsley, Co-Managing Partner of L Catterton's Growth Fund, said in a statement. "We are proud of the significant growth the company has achieved, and we believe this transaction represents a terrific outcome for Punch Bowl Social, L Catterton and Cracker Barrel as the company enters this exciting next phase."

L Catterton has also worked with the chain to recruit an experienced restaurant management team, build customer loyalty, increase its marketing initiatives and evolve both its menu and entertainment offerings, in addition to building a "deep real estate pipeline," according to the firm.

Punch Bowl Social offers a menu of made-from-scratch items, including a wide selection of burgers, tacos and salads, as well as cocktails and craft beers. A number of locations also offer activities such as bowling and karaoke in what is described as a "social gaming" environment.

"With extensive strategic, operational and industry expertise, L Catterton has been an outstanding partner for Punch Bowl Social as we grew our brand and expanded to new markets," Thompson said in a statement. "L Catterton has a remarkable track record of supporting and growing great restaurant concepts and has been instrumental as we refined our concept, deepened our real estate pipeline and recruited key talent to the team. Along the way, we have stayed focused on our mission of offering a unique dining, bar and social gaming experience, unmatched by other traditional eatertainment concepts. We look forward to building on this momentum."

In the past, L Catterton has invested globally in a number of restaurant concepts and chains, including Chopt Creative Salad Company, Anthony's Coal Fired Pizza, Cheddar's Scratch Kitchen and P.F. Chang's among others.