American chain of combined restaurant and gift stores Cracker Barrel Old Country Store has acquired entertainment restaurant company Punch Bowl Social from private equity (PE) firm L Catterton.
Based in the US, Punch Bowl Social offers various menu and craft beverages along with social gaming experiences at its locations.
The company offers weekend brunch, lunch, dinner, and late-night snacks along with creative punches, local microbrews, and craft non-alcoholic beverage to its customers.
L Catterton Growth Fund co-managing partner Jon Owsley said: “With its differentiated menu and accessible, entertaining, and engaging environment, Punch Bowl Social has established a loyal following among its core millennial and Gen Z customer base.
“We are proud of the significant growth the Company has achieved, and we believe this transaction represents a terrific outcome for Punch Bowl Social , L Catterton, and Cracker Barrel as the Company enters this exciting next phase.”
Punch Bowl Social founder and CEO Robert Thompson worked with L Catterton to implement the company’s strategy to drive unit expansion and customer loyalty.
The company has doubled its store portfolio to 17 over the past two years in the US with support from the PE firm.
Both the parties have also worked closely to increase its marketing initiatives, introduce an enhanced service model, and evolve its menu and entertainment offerings.
Thompson said: “With extensive strategic, operational, and industry expertise, L Catterton has been an outstanding partner for Punch Bowl Social as we grew our brand and expanded to new markets.
“Along the way, we have stayed focused on our mission of offering a unique dining, bar, and social gaming experience, unmatched by other traditional eatertainment concepts. We look forward to building on this momentum.”