Pittsburgh’s largest private equity firm took a piece of the action in a growth-minded casual dining restaurant chain.
PNC Mezzanine Capital said it made a $10.5 million subordinated debt investment in Grimaldi’s Pizzeria.
The coal-fired pizza retailer, founded in Brooklyn but based in Scottsdale, Ariz., plans to use the money to open more locations, expanding domestically and internationally.
At present, Grimaldi’s has about 50 sites across the U.S., largely clustered in the southeast and western parts of the country. No word on whether it plans to enter Pittsburgh.
PNC Mezzanine is a private equity arm of PNC Financial Services Group Inc (NYSE: PNC). It has $900 million in capital under management.