TriSpan has completed a single-asset continuation vehicle for Sugar Beets Inc., the parent company of Maman, with the transaction led by Kline Hill Partners LP and supported by existing and new institutional investors including Norwest and a large Ivy League endowment.
The deal, one of the few continuation vehicles completed for a company-owned restaurant platform, provides liquidity to existing investors while positioning the business for continued national and international growth. Founded in New York, Maman has grown from a local café-bakery concept into a premium lifestyle brand with 56 locations across nine U.S. states and Canada. Since TriSpan’s initial investment in December 2020, the company has expanded its footprint significantly while building a broader lifestyle ecosystem centered on artisanal café offerings, hospitality, and community engagement.
Piper Sandler served as financial advisor to TriSpan, while Winston & Strawn acted as legal counsel. Stephenson Harwood advised Kline Hill, and Spencer Fane served as legal counsel to Maman.