San Francisco-based private equity firm Fundamental Capital has purchased a sizable share of Portland’s Voodoo Doughnut, the doughnut shop and tourist attraction famous for its funky creations, whether fried dough topped with bacon or a David Bowie tribute doughnut, the PBJ reports. The exact details around the deal haven’t been released. Here’s what’s known:
- Voodoo Doughnut owners Kenneth Pogson and Tres Shannon tell PBJ they “retain significant ownership and influence in the company.”
- Pogson and Shannon do not expect any major changes to Voodoo’s Portland locations.
- Fundamental Capital’s Kevin Keenley and Rich McNally have joined the Voodoo Doughnut board.
- The focus for the acquisition appears to be on a more aggressive expansion of the doughnut franchise across the country.
- Pogson also says the new investment will improve job security for his employees.
- Portland's Meriwether Group helped to arrange the partnership, and founder and CEO David Howitt says Pogson and Shannon will continue to oversee the daily operations at Voodoo Doughnut.