Not Your Average Joe's and BRS Complete Growth Investment
MIDDLEBOROUGH, MA and NEW YORK, NY, November 8, 2012 - Not Your Average Joe’s, Inc. (“NYAJ”) and Bruckmann, Rosser, Sherrill & Co. (“BRS”) announced today the completion of a growth investment in NYAJ through the issuance of convertible preferred stock. BRS led the round and existing shareholders also participated. The new capital will be used to support accelerated new unit development.
Steve Silverstein, NYAJ founder and CEO, said, “We are thrilled to add BRS as a partner and are particularly pleased to have them join our Board of Directors. BRS has deep experience and success in the restaurant sector, and will add value to our Company well beyond its financial investment. This new capital provides us the necessary resources to accelerate our growth and we are actively looking for opportunities from Boston to Washington, DC.”
Tom Baldwin, a Managing Director of BRS, said, “We are excited to partner with Steve and the rest of the NYAJ team. We view NYAJ as a highly differentiated casual dining concept, offering chef-prepared, made-from-scratch food featuring local ingredients and exceptional hospitality.” Nicholas Sheppard, also a Managing Director of BRS, added, “We are confident that NYAJ is poised for expansion given the proven success of its new unit prototype and its strong value proposition to consumers. We look forward to supporting the management team in executing their growth strategy.”
Oppenheimer & Company acted as exclusive financial advisor to NYAJ in this transaction.