The Chicago-based, health-conscious fast-casual restaurant backed by L Catterton has signed its first multi-unit franchise partner.
Illinois-based Protein Bar & Kitchen doesn't serve fast food, but rather what the brand calls “fast fuel.”
The healthy fast-casual restaurant brand has signed its first multi-unit franchise agreement at a time when nutrition is trending, JPMorgan has launched a $500 million fund targeting weight-loss drugs and weight-loss drug patients are looking for ways to get enough protein and nutrients.
Protein Bar & Kitchen, which serves protein-packed meals, soups, smoothies and parfaits for breakfast, lunch and dinner, is set to open its first Northwest Indiana location in Crown Point next month. Protein Bar & Kitchen executives say their new partner is an experienced multi-brand, multi-unit restaurant franchisee.
The store will offer dine-in, take-out, delivery, online ordering and catering services, as well as introducing the quick-service brand's first drive-thru for added convenience.
Private equity firm L Catterton invested in the fast-casual restaurant chain in 2013.
“As consumer demand for healthy, protein-packed meals continues to grow, we're thrilled to welcome our first franchisee to Protein Bar & Kitchen,” said CEO Jeff Drake. “The power of all-day protein is growing in popularity, and we're excited to open PBK in Crown Point as we expand our locations across the country.”
The man behind Protein Bar & Kitchen is entrepreneur and founder Matt Matros, creator of Limitless Sparking Water, who launched the protein-based quick-service brand in Chicago in 2009. The brand started out selling smoothies, later adding quinoa, and has since grown to more than 10 locations.
Drake has helped revolutionize the fast-casual chain since taking over in 2017.
Drake quickly got to work, and by 2018, Protein Bar & Kitchen was having its best year since launch. He's encouraged by consumers' interest in improving their health. Additionally, Drake noted, the protein-based menu is perfect for any diet, whether consumers are vegan, vegetarian, or on a paleo diet.
“It doesn't matter what diet you're on, protein is a key component,” he said, explaining that the brand has been expanding its menu over time.
In a LinkedIn post last month, Matros celebrated Protein Bar & Kitchen's 15th anniversary and expansion to 14 locations, thanking “OG PB's loyal fans.”
Potential Protein Bar & Kitchen franchisees must have a minimum of $150,000 in liquid capital and $1 million in net worth.
