Danny Meyer, the famed New York restaurateur who eliminated tipping at restaurants and founded the Shake Shack empire, is jumping into the world of finance.
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Shake Shack founder Danny Meyer is jumping into finance with a $220 million fund (SHAK)
Danny Meyer, the famed New York restaurateur who eliminated tipping at restaurants and founded the Shake Shack empire, is jumping into the world of finance.
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Meyer has raised $220 million for a private equity fund called Enlightened Hospitality Investments LP that will make $10 million to $20 million investments in companies that share the employee-focused ethos of his Union Square Hospitality Group establishments, according to a story in The Wall Street Journal by Charles Passy.
The fund, which is managed by USHG but has raised outside capital, has completed a handful of deals so far, including New York gourmet coffee chain Joe Coffee, the small West coast chain Salt & Straw Ice Cream, and restaurant-booking app Resy, according to the report.
Read the full story at The Wall Street Journal.
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