Bakery-cafe Maman plots next-level growth with new infusion of capital

The French-American bakery café Maman has a new infusion of capital for expansion.

The New York-based chain on Friday announced the closing of a single-asset continuation vehicle for Sugar Beets Inc., the parent of the 56-unit all-day bakery-cafe chain. Terms were not disclosed. It was led by investment firm Kline Hill Partners LP, alongside a group of new and existing investors. Among them is investment firm Norwest and a large Ivy League endowment.

But the deal also includes a “meaningful reinvestment” by private equity firm TriSpan USA, which first invested in Maman in 2020, helping to scale the brand to this point. The reinvestment will help the chain reach a next level of expansion, the company said.

Anthony Freijy, partner and head of TriSpan’s Rising Stars U.S., said in a statement, “Maman represents exactly the kind of platform we set out to build with our Rising Stars strategy: a differentiated brand, a strong founding team, and a long runway for growth.”

Founded in New York in 2014 by Ben and Elisa Sormonte, Maman (a term for “mother” in French) is known for its baked goods, specialty coffees and retail offerings in a South-of-France-inspired setting with mismatched blue-and-white floral dishware and exposed wood. The chain’s nutty chocolate chip cookie was named on “Oprah’s Favorite Things” list in 2017.

Maman grew sales more than 27% last year to nearly $90 million with 52 units, which was a 30% increase year over year, according to the Technomic Top 500 restaurant chains. The bakery-café’s average unit volume last year was $1.9 million, topping much larger rival Tous les Jours, with an AUV of $1.8 million.

Entirely company-owned, Maman operates in nine states and Canada, and the plan is to keep growing.

“From our first café in SoHo to where we are today, the goal has always been to build something that resonates with our guests and our community,” said Ben Sormonte, Maman’s CEO, in a statement. “TriSpan has been an exceptional partner in that journey, and we’re excited to continue building together as we scale Maman across the country and beyond.”

Piper Sandler & Co. served as exclusive financial advisor, and Winston & Strawn LLP served as legal counsel to TriSpan. Stephenson Harwood LLP acted as legal counsel to Kline Hill, and Spencer Fane LLP was legal counsel to Maman.