NewSpring announced today that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, and Larsen MacColl Partners have completed a growth investment in Turning Point Holding Company, LLC, a leading breakfast, brunch, and lunch concept. Proceeds from the investment will be used to fuel Turning Point’s new location growth. Terms of the transaction were not disclosed.
Headquartered in Eatontown, New Jersey and founded in 1998, Turning Point is an award-winning breakfast, brunch, and lunch concept known for its made-from-scratch menu using locally-inspired seasonal ingredients. Turning Point has won many accolades for its innovative menu, exceptional service, and warm environment. Turning Point currently operates 16 locations in the Mid-Atlantic. With the support of NewSpring and Larsen MacColl Partners, Turning Point plans to open new units in existing and new markets.
“At Turning Point, we are passionate about consistently providing the highest-quality experience to our customers,” said Kirk Ruoff, Turning Point Founder and CEO. “This investment is an exciting next step for our business as we continue our expansion into new territories, while simultaneously strengthening our existing locations and maintaining the high standard of service our customers expect each day. This is a great start to the year and we are eager to continue our growth plan.”
Breakfast and daytime dining is one of the fastest growing categories in the restaurant industry. With a strong repeat customer base backed by over 20,000+ ‘Perk Card’ members, and a proven, repeatable model for developing, opening, and ramping new locations, Turning Point is well-positioned to expand and capitalize in this growing market.
“Turning Point’s dependable track record of success and brand loyalty over the last 20 years speaks for itself,” said Anne Vazquez, NewSpring Partner. “We see a tremendous opportunity to increase the Company’s geographic footprint through new store openings and are excited to partner with Kirk and Larsen MacColl Partners to take Turning Point to the next level.”
“Turning Point is a leader in the growing breakfast category with a history of strong unit volumes and consistent performance across locations. We look forward to leveraging our prior experience in the restaurant industry while working alongside Kirk and the NewSpring team to support the growth of the Company,” said Satya Ponnuru, Partner, Larsen MacColl Partners. “Turning Point is well-positioned for growth and we remain committed to its success in the years ahead.”