NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest

<!DOCTYPE html> <html class="no-js" lang="en"> <head> <meta charset="utf-8" /> <meta http-equiv="x-ua-compatible" content="ie=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title>NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest - NewSpring Capital (en-US)</title> <link rel="home" href="https://newspringcapital.com/" /> <link rel="icon" href="/assets/img/favicon.png"> <script src="https://use.typekit.net/yvj1alm.js"></script> <script>try{Typekit.load({ async: true });}catch(e){}</script> <link href="https://fonts.googleapis.com/icon?family=Material+Icons" rel="stylesheet"> <link rel="stylesheet" href="/assets/css/app.css"> <script> if ((navigator.doNotTrack != "1" && 0) || !0) { window.addEventListener("load", function(){ window.cookieconsent.initialise({ "palette": { "popup": { "background": "#02549f", "text": "#ffffff", "link": "#ffffff" }, "button": { "background": "block" === "wire" ? "transparent" : "#ffffff", "text": "block" === "wire" ? "#ffffff" : "#4a4a4a", "border": "block" === "wire" ? "#ffffff" : undefined }, "highlight": { "background": "block" === "wire" ? "transparent" : "#02549f", "text": "block" === "wire" ? "#02549f" : "#ffffff", "border": "block" === "wire" ? "#02549f" : undefined } }, "position": "bottom" === "toppush" ? "top" : "bottom", "static": "bottom" === "toppush", "theme": "block", "type": "opt-out", "content": { "message": "This website uses cookies for analytics purposes to help us understand how our visitors interact with the website and improve the user experience. ", "dismiss": "Got it!", "link": "View our Cookie Policy.", "href": "/privacy", "allow":"Allow cookies", "deny":"Decline", "target":"_blank" }, "revokable":0 === 1 ? true : false, "dismissOnScroll":0 > 0 ? 0 : false, "dismissOnTimeout":0 > 0 ? (0 * 1000) : false, "cookie": { "expiryDays":365 !== 0 ? 365 : 365, "secure":0 === 1 ? true : false }, onInitialise: function (status) { var type = this.options.type; var didConsent = this.hasConsented(); if (type == "opt-in" && didConsent) { // enable cookies if (typeof optInCookiesConsented === "function") { optInCookiesConsented(); console.log("Opt in cookies consented"); } else { console.log("Opt in function not defined!"); } } if (type == "opt-out" && !didConsent) { // disable cookies if (typeof optOutCookiesNotConsented === "function") { optOutCookiesNotConsented(); console.log("Opt out cookies not consented"); } else { console.log("Opt out function not defined!"); } } }, onStatusChange: function(status, chosenBefore) { var type = this.options.type; var didConsent = this.hasConsented(); if (type == "opt-in" && didConsent) { // enable cookies if (typeof optInCookiesConsented === "function") { optInCookiesConsented(); console.log("Opt in cookies consented"); } else { console.log("Opt in function not defined!"); } } if (type == "opt-out" && !didConsent) { // disable cookies if (typeof optOutCookiesNotConsented === "function") { optOutCookiesNotConsented(); console.log("Opt out cookies not consented"); } else { console.log("Opt out function not defined!"); } } }, onRevokeChoice: function() { var type = this.options.type; if (type == "opt-in") { // disable cookies if (typeof optInCookiesRevoked === "function") { optInCookiesRevoked(); console.log("Opt in cookies revoked"); } else { console.log("Opt in revoked function not defined!"); } } if (type == "opt-out") { // enable cookies if (typeof optOutCookiesRevoked === "function") { optOutCookiesRevoked(); console.log("Opt out cookies revoked"); } else { console.log("Opt out revoked function not defined!"); } } } }); }); } else if (0) { // disable cookies if (typeof optOutCookiesNotConsented === "function") { optOutCookiesNotConsented(); console.log("Opt out cookies not consented"); } else { console.log("Opt out function not defined!"); } } </script><link href="https://newspringcapital.com/cpresources/dde3f89f/css/cookieconsent.min.css?v=1726634876" rel="stylesheet"></head> <body class="news"> <a id="top"></a> <nav id="top-nav"> <div class="grid-container" style="overflow: hidden;"> <div class="grid-x"> <div class="cell"> <div class="title-bar" data-responsive-toggle="main-menu" data-hide-for="large"> <a href="/" class="brand-logo"><img src="/assets/img/logo_newspring_color.png" alt="NewSpring"></a> <button class="menu-icon" type="button" data-toggle="main-menu" style="margin-right: 1rem;"></button> </div> <div class="top-bar stacked-for-medium align-top" id="main-menu" data-animate="slide-in-down slide-out-up"> <div class="top-bar-left show-for-large"> <a href="/" class="brand-logo" style="padding-top: 0.3rem; padding-bottom: 0;"><img src="/assets/img/logo_newspring_color.png" alt="NewSpring"></a> </div> <div class="top-bar-right"> <ul class="dropdown menu vertical large-horizontal" id="main-nav" data-responsive-menu="dropdown" data-close-on-click-inside="false"> <li> <a href="/about">Who we are<span class="navarrow"></span></a> <ul class="menu subnav vertical large-horizontal large-text-right"> <li><a href="/about">About NewSpring</a></li> <li><a href="/team">Our team</a></li> </ul> </li> <li> <a href="/approach">Our approach</a> </li> <li> <a href="/funds">Our strategies<span class="navarrow"></span></a> <ul class="menu subnav vertical large-horizontal large-text-right"> <li><a href="/funds">Overview</a></li> <li><a href="/funds/growth">Growth</a></li> <li><a href="/funds/healthcare">Healthcare</a></li> <li><a href="/funds/mezzanine">Mezzanine</a></li> <li><a href="/funds/holdings">Holdings</a></li> <li><a href="/funds/franchise">Franchise</a></li> </ul> </li> <li> <a href="/companies">Our companies</a> </li> <li> <a href="/news">News<span class="navarrow"></span></a> <ul class="menu subnav vertical large-horizontal large-text-right"> <li><a href="/news">News</a></li> <li><a href="/newsletter">Subscribe</a></li> </ul> </li> <li style="line-height: 0.3; margin: 0.4rem 0.6rem;"> <a href="https://newspringcapital.altareturn.com/" target="_blank" style="margin: 0; padding: 0; border-bottom: none;"><button class="button" style="padding: 0.4rem 1rem;">Investors</button></a> </li> <li id="searchlink"> <a class="light-blue"><i class="material-icons">search</i></a> <ul class="menu subnav"> <li> <div class="grid-container"> <div class="grid-x"> <form action="/searchresults" style="width: 100%;"><input type="search" name="q" placeholder="Search NewSpring..."><input type="submit" style="display: none"></form> </div> </div> </li> </ul> </li> </ul> </div> </div> </div> </div> </div> </nav> <section class="pagecontent"> <article class="newsarticle modular"> <div class="grid-container"> <div class="grid-x grid-margin-x align-top"> <div class="cell large-2"> <p class=""><a href="/news" class="black" style="font-size: 18px;"><i class="material-icons blue" style="margin-top: -3px;">arrow_back</i> Return to News</a></p> </div> <div class="cell medium-10 large-8"> <div class="grid-x grid-margin-x align-center"> <div class="cell small-12"> </div> </div> <div class="grid-x grid-margin-x align-center"> <div class="cell medium-10"> <p class="tags status">Transactions & News</p> <h1 class="title">NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest</h1> <p class="byline"><b>Featuring <a href="https://newspringcapital.com/team/satya-ponnuru">Satya Ponnuru</a>, <a href="https://newspringcapital.com/team/patrick-sugrue">Patrick Sugrue</a></b></p> </div> <div class="cell medium-10"> <div class="grid-x align-justify align-top"> <div class="cell medium-6"> <p class="postdate dark-gray">October 01, 2024</p> </div> <div class="cell medium-6"> <ul class="sociallinks horizontal menu align-right align-middle"> <li><a href="https://www.linkedin.com/shareArticle?mini=true&url=https://newspringcapital.com/news/2024/the-bottom-line-newspring-invests-in-great-harvest&title=NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest&summary=&source=" target="_blank"><i class="fa fa-linkedin white"><span class="show-for-sr">Share on LinkedIn</span></i></a></li> <li><a href="https://twitter.com/intent/tweet?text=https://newspringcapital.com/news/2024/the-bottom-line-newspring-invests-in-great-harvest NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest" target="_blank"><i class="fa fa-twitter white"><span class="show-for-sr"> Share on Twitter</span></i></a></li> <li><a href="mailto:?&subject=&body=https://newspringcapital.com/news/2024/the-bottom-line-newspring-invests-in-great-harvest NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest" target="_blank"><i class="fa fa-share white"><span class="show-for-sr">Share on Email</span></i></a></li> </ul> </div> </div> </div> <div class="cell medium-10 maintext"> <div class="article-attribution"><p>Originally published by PR Newswire.</p></div> </div> </div> </div> </div> </div> <div class="grid-container"> <div class="grid-x grid-margin-x align-top"> <div class="cell medium-10 large-8 large-offset-2"> <div class="grid-x grid-margin-x align-center"> <div class="cell medium-10 maintext"> <div class="subscribe mobile"> <a href="/newsletter"> <h4>Get the latest NewSpring news</h4> <p><i class="material-icons blue">arrow_forward</i>Subscribe</p> </a> </div> </div> </div> </div> </div> </div> <div class="grid-container"> <div class="grid-x grid-margin-x align-top"> <div class="cell medium-10 large-8 large-offset-2"> <div class="grid-x grid-margin-x align-center"> <div class="cell medium-10 maintext"> <p> <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=680947461&u=https%3A%2F%2Fnewspringcapital.com%2F&a=NewSpring" rel="nofollow" target="_blank">NewSpring</a> ("the Firm"), a family of private equity strategies, announced today that NewSpring Franchise, the Firm's strategy dedicated to investing in innovative franchise and multi-unit concepts in large and growing markets, has completed an investment in <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=2660008794&u=https%3A%2F%2Fwww.greatharvest.com%2F&a=Great+Harvest+Holdings%2C+LLC" rel="nofollow" target="_blank">Great Harvest Holdings, LLC</a> ("Great Harvest" or the "Company") a franchise fast-casual bakery and caf茅 concept with approximately 175 locations across the U.S.</p> <p>Founded in 1976, Great Harvest provides fresh baked bread, baked goods, sandwiches, salads, soup, breakfast items, and coffee and other beverages across multiple dayparts. Great Harvest will use the proceeds of this transaction to enhance franchise development, supply chain, and marketing to accelerate growth.</p> <p>"Great Harvest is a leader in the bakery and caf茅 category, establishing its brand and customer value proposition with a high-quality product offering. It represents exactly the type of company we seek to apply our proven approach to building beloved, multi-unit brands," said Patrick Sugrue, NewSpring General Partner. "Our access to top talent and experience in the franchise restaurant industry will allow Great Harvest to accelerate growth from an already strong foundation."</p> <p>"Great Harvest provides high-quality baked goods utilizing premium ingredients that our customers have come to know and love. As we've successfully expanded our concept to include caf茅s, we've not only enhanced the customer experience, but also broadened our offering to a wider range of consumers across multiple dayparts," said Mike Ferretti, CEO of Great Harvest. "Partnering with NewSpring Franchise is the perfect next step, as their impressive track record of elevating and expanding franchise concepts, coupled with their deep investment and operational experience, will be critical to driving our continued success. I am eager to collaborate with Patrick Sugrue and Satya Ponnuru as new members of our Board of Directors to help guide the brand's future expansion."</p> <p>This transaction is the fourth out of NSF II, NewSpring Franchise's dedicated investment fund, and is consistent with the strategy's approach to targeting capital-efficient, consumer-facing, multi-unit businesses with a strong customer value proposition, proven unit-level economics, and exceptional management teams in the lower-middle market. NewSpring Franchise has a successful track record identifying and investing in growing fast-casual restaurant concepts, including <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=1542719382&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2021%2Fthe-bottom-line-newspring-invests-in-duck-donuts&a=Duck+Donuts" rel="nofollow" target="_blank">Duck Donuts</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=3009594171&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2022%2Fthe-bottom-line-newspring-invests-in-federal-donuts&a=Federal+Donuts+and+Chicken" rel="nofollow" target="_blank">Federal Donuts and Chicken</a>, and <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=825944261&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2024%2Fnewspring-franchise-announces-strategic-investment-in-healthy-fast-casual-concept-shake-smart&a=Shake+Smart" rel="nofollow" target="_blank">Shake Smart</a>. In addition to these restaurants, the strategy's investments include <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=1114249467&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2021%2Fthe-bottom-line-newspring-invests-in-blo-blow-dry-bar&a=Blo+Blow+Dry+Bar" rel="nofollow" target="_blank">Blo Blow Dry Bar</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=767084683&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2021%2Fthe-bottom-line-newspring-invests-in-central-bark&a=Central+Bark" rel="nofollow" target="_blank">Central Bark</a> and <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=3547395554&u=https%3A%2F%2Fnewspringcapital.com%2Fnews%2F2023%2Fthe-bottom-line-newspring-invests-in-green-home-solutions&a=Green+Home+Solutions" rel="nofollow" target="_blank">Green Home Solutions</a>.</p> <p><strong><u>About NewSpring</u></strong></p> <p>NewSpring is a lower-middle market focused private equity firm that partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having completed over 250 investments, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit <a href="https://c212.net/c/link/?t=0&l=en&o=4267229-1&h=1696126974&u=http%3A%2F%2Fwww.newspringcapital.com%2F&a=www.newspringcapital.com" rel="nofollow" target="_blank">www.newspringcapital.com</a>.</p> <p><strong>About Great Harvest</strong></p> <p>The Great Harvest Bread Company was founded in 1976 in Great Falls, Montana, based on a simple premise - Make amazing bread with five simple ingredients (fresh milled whole wheat flour, fresh yeast, water, salt, and honey). From this beginning, Great Harvest built a true national bakery chain. In the early 2000s, Great Harvest pivoted to expand its product offerings beyond a bakery and transformed its operating model into a bakery caf茅 concept with the addition of sandwiches, soups, salads, and sweet treats. The essence of Montana that charmed early Great Harvest customers still influences the core of the corporate culture. Authenticity, a spirit of camaraderie, and individuality remain the foundation of the organization. It turns out those values appeal to people in all 50 states. Today there are approximately 175 stores located across the United States, including Alaska and Hawaii. Great Harvest's enduring strength is its mission to "Be loose and fun, bake phenomenal bread, run fast to help customers, be kind, and give generously to others." This Mission Statement has attracted bakery cafe owners who are community-minded, entrepreneurial, fun, and committed to creating fresh and flavorful products at family-friendly neighborhood hangouts.</p> </div> </div> </div> </div> </div> </article> <section class="bg-gray news" style="padding-top: 2rem; overflow: hidden;"> <div class="grid-container"> <div class="grid-x align-center"> <div class="cell small-12 medium-8 large-6"> <h2 class="text-center" style="font-size: 16px; font-weight: bold; margin-bottom: 2rem;">Related Articles</h2> </div> </div> </div> <div class="grid-container oversized newslist" style="margin-bottom: 0;"> <div class="grid-x align-center"> <div class="cell small-12 large-10"> <div class="grid-x newsborder"> <div class="cell small-12 medium-6 newsitem unlocking-doors "> <div class="header"> <p class="title">Celebrating 25 Years: 25 Tips for Growing Lower-Middle-Market Businesses</p> <div class="excerpt">For 25 years, NewSpring has remained steadfast in our commitment to the lower-middle market, where...</div> </div> <div class="indicia"> <p class="tags status">Operating Advice</p> <p class="date">May 03, 2024</p> </div> <a href="https://newspringcapital.com/news/2024/celebrating-25-years-25-tips-for-growing-lower-middle-market-businesses" class="black"><span class="show-for-sr">Read more</span></a> </div> <div class="cell small-12 medium-6 newsitem consumer-products-services franchise "> <div class="header"> <p class="title">NewSpring Franchise Announces Strategic Investment in Healthy Fast-Casual Concept Shake Smart</p> <div class="excerpt">NewSpring ("the Firm"), a family of private equity strategies, announced today that NewSpring...</div> </div> <div class="indicia"> <p class="tags status">Transactions & News</p> <p class="date">March 15, 2024</p> </div> <a href="https://newspringcapital.com/news/2024/newspring-franchise-announces-strategic-investment-in-healthy-fast-casual-concept-shake-smart" class="black"><span class="show-for-sr">Read more</span></a> </div> </div> </div> </div> </div> </section> <div class="subscribe widget"> <a href="/newsletter"> <h4>Get the latest <br />NewSpring news</h4> <p><i class="material-icons blue">arrow_forward</i>Subscribe</p> </a> </div> <script> (function() { document.addEventListener("DOMContentLoaded", function() { var articleElement = document.querySelector('article'); var subscribeWidget = document.querySelector('.subscribe.widget'); window.addEventListener('scroll', function() { if(window.innerWidth > 1024) { let boundingClientRect = articleElement.getBoundingClientRect(); if(-boundingClientRect.top > 0 && -boundingClientRect.top < (boundingClientRect.height - window.innerHeight) + 300) { subscribeWidget.classList.add('active'); }else{ subscribeWidget.classList.remove('active'); } }else{ subscribeWidget.classList.remove('active'); } }); }); })(); </script> <section class="cta newsletter"> <div class="grid-container"> <div class="grid-x grid-padding-x align-middle align-center"> <div class="cell large-9 align-middle"> <div class="contentwrap"> <h2 class="black">Get the latest news delivered to your inbox</h2> <p><a href="/newsletter" class="black"><i class="material-icons ">arrow_forward</i> Subscribe now</a></p> </div> </div> </div> </div> </section> </section> <footer class="bg-black"> <div class="grid-container" style="overflow: hidden;"> <div class="grid-x"> <div class="cell large-12"> <p><a href="/" class="brand-logo"><img src="/assets/img/logo_newspring_white.png" alt="NewSpring"></a></p> </div> </div> <div class="grid-x"> <div class="cell large-10"> <nav id="footer-nav"> <ul class="menu vertical large-horizontal"> <li> <a href="/about">Who we are</a> <ul class="menu subnav vertical">  <li><a href="/team">Our team</a></li> <li><a href="/careers">Careers</a></li> </ul> </li> <li> <a href="/approach">Our approach</a> </li> <li> <a href="/funds">Our strategies</a> <ul class="menu subnav vertical">  <li><a href="/funds/growth">Growth</a></li> <li><a href="/funds/healthcare">Healthcare</a></li> <li><a href="/funds/mezzanine">Mezzanine</a></li> <li><a href="/funds/holdings">Holdings</a></li> <li><a href="/funds/franchise">Franchise</a></li> </ul> </li> <li> <a href="/companies">Our companies</a> </li> <li> <a href="/news">News</a> <ul class="menu subnav vertical"> <li><a href="/newsletter">Subscribe</a></li> </ul> </li> </ul> </nav> </div> <div class="cell large-2"> <nav id="footer-nav-secondary"> <ul class="menu vertical"> <li><a href="/contact">Contact</a></li> <li><a href="/terms">Terms</a></li> <li><a href="/privacy">Privacy</a></li> </ul> <ul class="align-middle sociallinks horizontal menu"> <li><a href="https://www.twitter.com/NewSpring_PE" target="_blank"><i class="fa fa-twitter white"><span class="show-for-sr"> Twitter</span></i></a></li> <li><a href="https://www.linkedin.com/company/650292/" target="_blank"><i class="fa fa-linkedin white"><span class="show-for-sr"> LinkedIn</span></i></a></li> </ul> </nav> </div> </div> <div class="grid-x"> <div class="cell large-12"> <p class="small" style="margin-top: 1rem;">© 2025 NewSpring Capital</p> </div> </div> </div> </footer> <script src="/assets/js/app.js"></script>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-7RGDG5QVL6"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-7RGDG5QVL6'); </script> <script src="https://newspringcapital.com/cpresources/dde3f89f/js/cookieconsent.min.js?v=1726634876"></script></body> </html>

CINXE.COM

NewSpring Franchise Invests in Fast-Casual Bakery and Caf茅 Great Harvest - NewSpring Capital (en-US)