New York-based growth equity firm Stripes Group will acquire a piece of Snooze, a breakfast and brunch restaurant chain. The transaction also included Stripes Group’s acquisition of shares from earlier investor Weston Presidio. Exact financial terms of the deal were not disclosed.
Founded by brothers Jon and Adam Schlegel in 2006, Snooze bills itself as serving responsibly sourced food, offering a creative take on traditional breakfast and lunch favorites. Snooze operates 17 restaurants in 4 states: Colorado, Arizona, California and Texas.
Once finalized, Stripes Group executives Ken Fox, Karen Kenworthy and David Swinghammer will join the Snooze board of directors.
Swinghammer previously served as CEO and chief development officer at Shake Shack, in addition to working with Lettuce Entertain You Enterprises.