Miami-based fast-casual chain secures new investment
Pincho Factory, a 10-unit fast-casual chain based in Miami, has named industry veteran Jayson Tipp president and announced a new investment, the company said on Monday.
Tipp joins the chain from Vancouver, Wash.-based Papa Murphy’s Holdings Inc., where he was chief development officer.
Pincho Factory, which specializes in kebabs, or pinchos, and hamburgers, has closed a Series A funding round with a group of investors led by Ned Scherer, a multi-unit franchisee in the Washington, D.C., market. Terms of the transaction, brokered by Exeter Capital Partners, were not disclosed.
As part of the investment, members of the investment group agreed to open 10 franchised locations over the next five years in the D.C. market, the first for the brand outside the South Florida area. The first D.C. location is expected to open by the end of the year.
Nedal Ahmad, co-founder and CEO of Pincho Factory, said the company recently opened its 10th unit in Sunrise, Fla., and plans to expand with franchising.
“The closing of our Series A round and the subsequent franchise agreement serve as a powerful endorsement of our growth potential, and we look forward to the successful introduction of our concept outside of South Florida,” Ahmad said in a statement.
As president, Tipp will oversee Pincho Factory’s franchise sales, real estate and technology.
Before being named Papa Murphy’s chief development officer, Tipp served as senior vice president of marketing at the take-and-bake pizza chain. He has also worked with Potbelly Sandwich Works and Starbucks.
“One of our goals as a company is to build a world-class team that can build the right infrastructure to support franchise partners and grow our brand,” Ahmad said. “Jayson represents the exact type of leader we want onboard as we enter this next chapter.”
Pincho Factory, which debuted in Miami in 2010, has five company-owned units and five franchised locations.
Contact Ron Ruggless at [email protected]
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