California-based Urban Plates, which has 17 locations, has closed a $27 million financing deal with investment funds managed by Morgan Stanley Expansion Capital. It will use the funds to grow the chain’s footprint and to refinance debt, according to Saad Nadhir, Urban Plates co-founder and CEO.
“Our menu and our concept are right for the times,” he said in a company press release. “Wherever you are on your journey to eat better, we will meet you there. We believe that everyone deserves to eat this good. We are very pleased to work with Morgan Stanley Expansion Capital as we continue to expand the brand footprint and to position ourselves for continued future success.”
Significant investments in technology over the past three years have allowed the chain to deliver frictionless access for its guests whether they choose to dine in, order out or have food delivered. The investments have also enabled digital order growth, which now represents 50% of total orders.
In the second half of 2023, Urban Plates will open two locations and anticipates accelerating openings in 2024 and beyond.
“Urban Plates is a unique and differentiated fast casual concept, providing consumers with incredible quality for value,” Nick Nocito, executive director of Morgan Stanley Expansion Capital, said in the release. “We are thrilled to partner with the team to help them execute the next chapter of growth and expansion.”
Urban Plates was founded in 2011 in Del Mar.
