Seattle-Based Chain Mod Pizza Was Just Sold

On Wednesday, July 10, Mod Pizza, a 500-location chain founded in Seattle, announced that it was being sold to Elite Restaurant Group, a company that Restaurant Business Magazine describes as “a collector of financially troubled restaurant brands.”

Mod has certainly faced some trouble recently. Last week, Bloomberg reported that the chain was considering filing for bankruptcy, and this sale will apparently allow it to avoid that fate.

Mod was founded in 2008 by husband and wife Scott and Ally Svenson, who had previously founded the Seattle Coffee Company, confusingly, in the United Kingdom. Starbucks bought the Seattle Coffee Company in 1998 as part of its European expansion plan; Scott worked for Starbucks until deciding to get into the pizza game.

At Mod, you can build your own pizza and watch it cook in a 800-degree oven. The concept was successful enough that the chain expanded rapidly and attracted lots of investment, including $160 million from a private equity firm in 2019 that Mod hoped would help it expand to over 1,000 locations. Even after the onset of the pandemic Mod had optimistic expectations; in 2021 it was preparing to go public.

That never happened. Instead, Scott Svenson stepped down as CEO earlier this year and was replaced by Beth Scott, who has overseen the closure of 44 stores, including its massive flagship location in Pioneer Square.

“MOD has an outstanding culture and passionate, loyal guests and employees,” said Michael Nakhleh of Elite Restaurant Group in a press release. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”