PHILADELPHIA--(BUSINESS WIRE)--honeygrow, the Philadelphia-based fast-casual eatery, today announced $25 million of committed financing, of which $5 million represents sale of interests by certain existing owners. The financing was led by Miller Investment Management and included participation from existing investor Brook Lenfest. The funding will be utilized to strategically expand honeygrow locations, continue the enhancement of technology, and further develop the honeygrow management team.
Founded in 2012, the concept emphasizes wholesome and honest eating through stir-fry, salad, smoothie and honeybar offerings. Striving for uniqueness in everything from food quality and vibrancy to the store design and custom touchscreens, honeygrow’s menu is prepared fresh daily featuring local and seasonal products. honeygrow has current locations in Philadelphia, Bala Cynwyd, PA, Radnor, PA and Cherry Hill, NJ. Additional locations scheduled to open in 2015 include Hoboken, NJ, Wilmington, DE, Newark, DE and the University of Pennsylvania campus.
Justin Rosenberg, CEO and Co-Founder of honeygrow, said, “Throughout the fundraising process, we were approached by premier private equity firms and investors—it was extraordinarily humbling and amazing to see the investor interest in honeygrow. It was critical for honeygrow to partner with a group that could focus on what makes us successful: our unique start-up nature and culture, love for the entrepreneurial spirit, and passion for product and brand, rather than just the fast-casual space because of its current popularity. Miller Investments genuinely understands the mindset of a founder and entrepreneur, which is critical for the honeygrow team and myself. We’re proud and excited to be a Philadelphia startup that only three (3) years ago, was nothing more than a business plan and pipe dream.”
“honeygrow is an exceptional concept with a strong brand. We were immediately impressed with the unique combination of stir-fries, salads and honeybar, all crafted with fresh, high-quality ingredients. Its loyal following is a testament to its appeal and immense potential. We are excited to partner with founders Justin Rosenberg and David Robkin to accelerate honeygrow’s expansion,” said H. Scott Miller, Managing Partner of Miller Investment Management.
The law firm Wachtell, Lipton, Rosen & Katz advised Miller Investment Management. Pepper Hamilton LLP advised honeygrow.
Since June 2012, honeygrow has aimed to bring people together over high quality, wholesome and simple foods, focusing on eating honestly and spending time doing what matters: from visiting local farm vendors to whipping up sauces and dressings in-house (no freezers). honeygrow specializes in colorful stir-fries, smoothies, salads and honeybar treats featuring local and seasonal ingredients. honeygrow = honest eating + growing local. For more information, visit www.honeygrow.com. For real-time updates, follow us on Twitter, Instagram + Facebook.
About Miller Investment Management
Miller Investment Management is a Philadelphia-based investment manager founded in 1998. Miller and its affiliates focus on investments in global public securities, US commercial real estate and private growth equity. It manages over $1.6 billion in discretionary assets as of December 31, 2014. Miller’s private growth equity investments target entrepreneur-led, consumer-oriented businesses, with an emphasis on fast-casual restaurants, with investments in Five Guys Burgers & Fries and others. More information about Miller Investment Management can be found at http://www.millerinv.com.