Metro Diner, the restaurant chain with more than 60 locations across 12 states, is looking to raise $45 million from investors and has already brought in $20.65 million, according to an Oct. 15 filing with the Securities and Exchange Commission.
The Tampa-based company began selling securities on Sept. 30 and has attracted 11 investors so far, leaving about $24.35 million of the offering still available. The filing doesn’t say what Metro Diner plans to do with the money, although it specifies that the offering is not tied to a merger or acquisition.
Founded in Jacksonville in 1992 by the Davoli family, Metro Diner has grown from a neighborhood restaurant into a chain known for its all-day breakfast, fried chicken and waffles and other comfort food. Its Tampa Bay locations include restaurants in South Tampa, Brandon, St. Petersburg, Palm Harbor, Bradenton, Sarasota and Lakeland.
The chain has continued expanding outside Florida, including a recent restaurant opening in Greenville, South Carolina, adding to its presence across the Southeast and other parts of the country. Its growth has taken the business well beyond its original Jacksonville market.
Metro Diner Holdings, led by CEO Hugh Connerty Jr., is offering equity and related securities through a private offering expected to last less than a year. The filing does not identify the investors or disclose the company’s revenue.