Matchbox Food Group Continues $20 Million Raise Ahead of Multi-Unit Expansion
Matchbox Food Group announced the release of a private bond ahead of the restaurant company’s expansion of its Matchbox brand, which the group expects to lead its national growth through 2020. Available to accredited investors, the private placement of this bond is the second phase of fundraising that follows an initial equity capital raise that has reached $16 million thus far of a $20 million target.
Today $4 million of equity remain at $1 per unit. The new bond investment option of up to $10,500,000 subordinated promissory notes, is available paying 10.125 percent interest over a seven-year term, providing an attractive investment for those interested.
Ty Neal, CEO of Matchbox Food Group says, “We have built a talented team to execute an exciting growth plan. We are on a mission to bring our spirit to locals everywhere while staying true to our hand-built heritage and hands-on approach.”
The company’s growth plan calls for six to eight new locations per year through 2020, meaning 36 additional Matchbox Food Group locations throughout the country, with additional Ted’s Bulletin locations to follow. Currently the group has new locations scheduled in Preston Hollow Village in Dallas, in Sunshine, Florida, at the Colonnade at Sawgrass Mills, and three locations planned in Virginia’s Loudoun, Prince William, and Arlington counties. The five additional restaurants will bring the company’s portfolio to 17 restaurants under three brands by mid-2016. The group is currently considering sites in Austin, Denver, Philadelphia, Orlando, Miami, and Tampa for the next phases of development.