Silver Diner gets investment for growth
Steve’s breakdown: Silver Diner just got a silver platter of cash from private-equity firm Goode Partners who has investments with 20 other companies you might be interested in making a client. It’s an easy decision to make that call.
ROCKVILLE, MD: Goode Partners LLC, the New York-based private-equity firm that has invested in chains like Chuy’s, has made a strategic investment in Silver Diner Inc.
The investment will help the 15-unit, Rockville, Md.-based chain accelerate growth and expand into new markets.
“Goode Partners provides us with both capital and extensive experience in the restaurant industry,” Robert Giaimo, co-founder and CEO of Silver Diner, said in a statement. “This partnership will allow us to expand Silver Diner’s reach in both new and existing markets across the country, and provide outstanding career opportunities for our current and future associates as we grow.”
Giaimo and Ype Von Hengst founded Silver Diner in 1989. The concept offers classic diner menu items “with a contemporary twist for today’s lifestyles.” Ingredients are locally sourced — its website lists the farmers that produce the ingredients — and the menu includes heart-healthy options and entrees with fewer than 600 calories.
“Robert, Ype and the company’s management team have done a phenomenal job reinventing the diner experience through menu innovation and better-for-you menu options, while building a culture that that is passionate about exceeding customer expectations,” Joe Ferreira, one of Goode’s founding partners, said in a statement.
In Goode Partners, Silver Diner has an investment partner with a strong track record. In addition to Chuy’s, the firm has invested in Rosa Mexicano Restaurants, as well as other consumer companies like the headphone maker Skullcandy and the bread producer Dave’s Killer Bread.
“We are excited about this partnership and what it means for our ability to bring more locally sourced and better-for-you menu options to more customers as we grow and continue to innovate,” Von Hengst said in a statement. “Goode Partners’ experience in growing concepts, along with their invested capital, will help us achieve this.”
In addition to Silver Diner, the operator debuted the first Silver concept last year. Silver brings “a more refined” interpretation of the diner setting and menu to more densely populated metropolitan markets.