John Vincent and Brad Blum set up restaurant investment business
The company is looking to raise $50m (£33m) to create and invest in restaurant businesses that are 'Good Food for the Planet', whether they are new, emerging businesses or large established brands, according to BigHospitality's sister publication M&C Report.
Under the strategy the new venture will look to grow current Good Food for the Planet brands, which will include the expansion of Leon throughout the UK and introduce the brand into the US and grow Vincent’s Flatplanet concept in London and launch it into leading global cities.
The vehicle, which is looking to raise the $50m of capital across the next five years, will also look to expand Blum’s Dogmatic brand in New York City and introduce it into Florida.
Vincent and Blum said that they have invested millions of pounds and dollars of their own money, as well as significant amounts of time and effort to build these businesses based on the Good Food for the Planet principles - good everyday value, remarkably good for you, good to the planet.
They are currently in active discussions with other founders and chief executives to create innovative partnerships for new ‘Good Food’ ventures, and anticipate making these public within the next six months.
Like-minded investors
Blum, who is a non-executive director of Leon, said: “We are looking to identify five to seven like-minded investors who share and believe in this purpose, and who will invest alongside us between $5m and $10m on a deal-by-deal basis in specific brands.
“It’s time we reassessed our relationship with food. I am reminded constantly of the fact that in 1960, the U.S. spent 17 per cent of their income (GDP) on food and 5 per cent on health care. Today, those numbers have flipped with spending on food falling to 9 per cent, while spending on health care has soared to 16 per cent of national income.”
“Five to Seven is a purpose and a partnership that Brad and I feel very passionate about,” said Vincent. “This is not just an ideal. It is based on concrete consumer demand. If one wants a big business, one has to solve a big problem. And this sure is a big problem.”
This story was first published by BigHospitality's sister publication M&C Report. To subscribe to M&C Report contact Emily Croft on 01293 846578 or email rzvyl.pebsg@jeoz.pbz
