#USA #New York #Maman #TriSpan #Kline Hill

TriSpan Closes Continuation Vehicle for Maman

TriSpan (USA) LLC has announced a significant milestone with the completion of a continuation vehicle for Sugar Beets Inc, commonly known as Maman, a rapidly expanding lifestyle brand that blends café and bakery experiences. This transaction is particularly noteworthy as it represents one of the few continuation vehicles for a restaurant platform owned by a single company.

The closure of the vehicle is a clear indication of the robust brand equity and unit economics Maman boasts, along with its potential for further national growth. The endeavor was spearheaded by Kline Hill Partners LP and includes a prominent mix of existing and new institutional investors such as Norwest and a substantial Ivy League endowment. Furthermore, it features a substantial reinvestment from TriSpan and its affiliates, showcasing their ongoing belief in Maman's potential and their alignment with the management team as they embark on the next growth phase.

This continuation vehicle not only secures liquidity for prior investors but also places Maman in a strong position for its upcoming national and international developments, which will capitalize on the brand's achievements so far. Since TriSpan's initial funding in December 2020, Maman has advanced from a localized café concept in New York to a recognized lifestyle brand operating 56 locations across nine U.S. states and Canada. The brand is characterized by a unique identity in the premium café-bakery sector, where artisanal offerings meet a vibrant community culture, thereby creating a broader lifestyle ecosystem.

Benjamin Sormonte, co-founder and CEO of Maman, expressed his enthusiasm about the journey, stating, "From our first café in SoHo to where we are today, the goal has always been to create something that resonates with our guests and our community. TriSpan has been an incredible partner on this journey, and we are excited to continue expanding together across the country and beyond."

Anthony Freijy, Partner and Head of TriSpan Rising Stars U.S., commented on the alignment between Maman's vision and the strategic direction of TriSpan. He remarked, "Maman exemplifies what we aim to achieve with our Rising Stars strategy—a distinctive brand backed by a strong founding team with significant room for growth. We are thrilled to continue our partnership with Ben, Elisa, and their exceptional management team. This transaction highlights our firm belief in the concept as well as the promising opportunity that lies ahead."

Elan Schultz, Co-Founding Partner of TriSpan, added, "We are pleased to work alongside such a distinguished group of institutional investors. Kline Hill, a leader in secondaries, shares our confidence in Maman's strategic positioning and long-term growth potential. This successful transaction reflects the strong unity between TriSpan, its investors, and Maman's management as we continue to build an exciting concept in the industry."

Piper Sandler & Co. was the exclusive financial advisor for this transaction, while Winston & Strawn LLP represented TriSpan legally. Additionally, Stephenson Harwood LLP acted as legal counsel to Kline Hill, and Spencer Fane LLP represented Maman.

About Maman

Founded in New York City by Ben and Elisa Sormonte, Maman is a thriving lifestyle brand inspired by the aesthetics of Southern France. With its impressive network of 56 café-bakery locations across North America, Maman offers an enticing menu featuring French-American staples, specialty coffee, and artisanal baked goods. The brand is celebrated not only for its delectable offerings but also for its inviting, design-oriented environments, which have cultivated a loyal customer base across diverse markets. Maman continues to expand nationally through a company-owned model, prioritizing quality service and a consistent guest experience. More information can be found at www.mamannyc.com.

About TriSpan

Established in 2015, TriSpan is a private equity firm with a transatlantic presence, operating from New York and London. The firm focuses on investing in lower middle-market companies across North America, Europe, and the UK. TriSpan aims to foster value creation through its deep operational and financial expertise to accelerate growth and enhance performance. Since its inception, it has executed 26 platform investments and approximately 115 bolt-on acquisitions within its portfolio. The Rising Stars strategy emphasizes control-oriented growth investments in differentiated and high-potential restaurant concepts. For further details, visit www.trispanllp.com.

About Kline Hill Partners

Founded in 2015, Kline Hill Partners specializes in the private equity secondary market, holding industry-leading capabilities in smaller deals. With more than $7.5 billion in assets under management, Kline Hill's funds boast a high-caliber investor base, including endowments, foundations, family offices, and institutional investors. The firm’s strategies cater to the entire spectrum of the small-deal secondary market. For more details, visit www.klinehill.com.

About Norwest

Norwest is a global venture and growth equity investment firm managing an impressive $15.5 billion in capital. With a strong track record of investing in over 700 companies, the firm currently collaborates with more than 250 businesses in its portfolio, focusing on key sectors like enterprise, healthcare, and consumer markets. The Norwest team leverages its extensive network and broad operational expertise to provide impactful support to CEOs and founders looking to scale their businesses. Their offices are located in Menlo Park and San Francisco, California; Mumbai, India; and Tel Aviv, Israel. For more information, visit www.norwest.com.