Under the deal terms, Thrive Restaurant Group will open 41 Modern Market Eatery locations in 11 new markets.
The new markets will include north-west Arkansas; Des Moines, Iowa; Austin, San Antonio and Waco in Texas; Charlotte and Raleigh in North Carolina; and Wichita and Kansas City, Kansas.
Modern Market’s menu includes fresh salads, toasted sandwiches, grain bowls and brick oven pizzas, as well as breakfast-all-day options, speciality desserts and handmade lemonades.
The brand has approximately 30 locations across Texas, Arizona and Colorado, including restaurants at Denver International Airport and the University of Notre Dame campus in Indiana.
Modern Market co-founder Rob McColgan said: “As we continue to grow, our goal is to align with franchise partners with existing market authority.
“Rather than selecting specific DMAs we want to pursue, we focus on finding the right partners who share our vision and goals, wherever they may be, and Thrive exemplifies that.
“That is our strategy as we continue our growth trajectory and are actively seeking additional franchising opportunities.”
Thrive Restaurant Group owns and operates more than 100 restaurants in the US, including Applebee’s restaurants and its own culinary-driven portfolio of brands: BakeSale, Homegrown and Carlos O’Kelly’s.
It has restaurants in 12 states across Appalachia and the Midwest.
Thrive Restaurant Group president and CEO Rolph said: “We are proud to play a part in developing brands we believe in and expanding the footprint of better-for-you foods and quality ingredients with a passion for scratch-made meals.
“Modern Market encompasses each of these values, and we are very excited to bring the brand to the markets we serve and beyond.”