Maman Secures Growth Fund in Landmark Restaurant PE Deal

NEW YORK, NY – May 08, 2026 – Maman, the chic café-bakery brand known for its French-inspired charm and viral chocolate chip cookies, has secured a significant capital injection to fuel its next wave of growth. Its private equity owner, TriSpan, announced the successful closing of a single-asset continuation vehicle, a sophisticated financial maneuver that underscores immense confidence in the brand's future.

The transaction, led by secondary market specialist Kline Hill Partners, allows TriSpan to extend its ownership and guide Maman through an ambitious expansion phase. The deal also brought in a high-quality syndicate of new institutional backers, including Norwest and a large Ivy League endowment, while providing a liquidity option for earlier investors. This move positions Maman, which has already grown from a local favorite to a national name, to accelerate its expansion across North America and beyond.

A New Recipe for Growth: The Continuation Vehicle

While complex, the deal structure is a powerful indicator of Maman's success. A continuation vehicle (CV) allows a private equity firm to move a high-performing asset from an older fund into a new, specially created one. This effectively resets the clock, providing more time and fresh capital to maximize the company's value, rather than being forced into a premature sale by a fund's traditional 10-year lifespan.

This strategy has exploded in popularity within the private equity world, with the global secondary market growing to an estimated $162 billion in 2024. However, its application in the restaurant industry remains relatively uncommon, making the Maman deal a landmark transaction. For a company-owned restaurant platform to be the subject of a single-asset CV signals that investors see it not just as a successful chain, but as a durable, long-term asset with a significant runway for growth.

"Maman represents exactly the kind of platform we set out to build with our Rising Stars strategy: a differentiated brand, a strong founding team, and a long runway for growth," commented Anthony Freijy, Partner and Head of TriSpan Rising Stars U.S. "This transaction underscores our conviction in the concept and the opportunity ahead."

From SoHo Gem to National Lifestyle Brand

Since its founding in SoHo in 2014 by Benjamin Sormonte and Elisa Marshall, Maman has cultivated a distinct identity that blends artisanal French baking with a warm, rustic aesthetic. This combination has fostered a deeply engaged community and turned its cafes into Instagram-famous destinations.

TriSpan's initial investment in December 2020, when the brand had just 11 locations, acted as a powerful accelerant. In under six years, Maman has scaled to 56 locations across nine U.S. states and Canada. This rapid growth is backed by impressive financial performance, with recent reports indicating annual sales approaching $90 million and an average unit volume (AUV) of $1.9 million—surpassing some larger, established competitors.

The brand's success extends beyond its menu of French-American staples and specialty coffee. Maman has evolved into a broader lifestyle ecosystem, with a robust retail offering that includes cookbooks and branded home goods. Its commissary kitchen model has been crucial for maintaining quality and consistency during its expansion.

"From our first café in SoHo to where we are today, the goal has always been to build something that resonates with our guests and our community," said Benjamin Sormonte, co-founder and CEO of Maman. "TriSpan has been an exceptional partner in that journey, and we're excited to continue building together as we scale Maman across the country and beyond."

Investor Conviction and a Blueprint for Success

The transaction is not only a vote of confidence in Maman but also a validation of TriSpan's 'Rising Stars' investment strategy, which focuses on identifying and scaling differentiated restaurant concepts. The significant reinvestment by TriSpan, alongside the participation of seasoned investors like Kline Hill and Norwest, highlights strong alignment on the company's long-term potential.

Elan Schultz, Co-Founding Partner of TriSpan, noted the quality of the new partners. "We're pleased to partner with a high-quality group of institutional investors, led by Kline Hill and supported by Norwest as a key syndicate investor," he stated. "This marks our second transaction with Kline Hill, a global leader in secondaries, who shares our conviction in Maman's positioning and long-term potential."

What's Next on the Menu: Ambitious Expansion

With fresh capital secured, Maman is poised to aggressively pursue its expansion goals. The company has already made significant inroads in major markets and plans to deepen its presence while entering new ones.

Texas is a key target, with Maman planning to open ten locations in the Dallas-Fort Worth area over the next three years. This follows successful entries into Florida in 2023 and a continued build-out in the Washington D.C. metropolitan area, where the brand now operates twelve cafes. The new funding will support this continued rollout, which remains focused on a company-owned model to ensure a consistent, high-quality guest experience across its entire portfolio.