New York City — Pie Face Holdings, Inc. (Pie Face USA), a Delaware corporation and Brooklyn, New York-based subsidiary of Pie Face Holdings Pty Ltd, based in Sydney, Australia (Pie Face Australia), has closed a private placement of shares of its common stock. Total gross proceeds to Pie Face USA were US$15 million.
The shares were purchased by Steve Wynn, the founder, chairman and CEO of Wynn Resorts, Limited. In other news, Kevin McCollum, a leading Broadway producer, will be consulting with Pie Face USA on its U.S. marketing programs.
Wynn will appoint two directors to the board of directors of Pie Face USA alongside Wayne Homschek (cofounder and CEO of Pie Face Australia and president of Pie Face USA), Betty Fong (cofounder and COO of Pie Face Australia), Alun Evans (head of business development of Pie Face Australia) and Chris Sieger (vice president of strategic development of Pie Face USA).
“We are thrilled to have such experienced and talented entrepreneurs supporting us in the rollout of Pie Face USA,” says Homschek. “Initially we will be opening company-owned stores in New York City, followed by a planned national rollout in other key markets across the United States. We could not have asked for a better endorsement of our brand and our potential in both the United States and globally.”
“Having met the Pie Face USA management team recently and having visited their first store in New York, I came to the conclusion that they were bright people with a bright concept,” says Wynn. “I look forward to backing them as they expand throughout Manhattan and across the United States.”
“On a recent trip to Australia I came face-to-face with Pie Face and fell in love with their pies and the creative energy behind the brand,” says McCollum. “When Wayne and Betty opened their first store in America, I was compelled to seek them out and be a part of the Pie Face adventure.”
Wynn has been involved in the hospitality industry since 1963. He has gone on to rebuild the Las Vegas strip by building or refurbishing the Golden Nugget, The Mirage, Treasure Island, Bellagio, Wynn Las Vegas and Encore at Wynn Las Vegas. In 2006, Wynn Resorts, Limited opened one the first casinos in Macau, Wynn Macau. Encore at Wynn Macau opened in 2010.
McCollum is one of Broadway’s most successful producers, having credits for such productions as “Rent” in 1996.
Pie Face USA was incorporated in April 2011 as a wholly-owned subsidiary of Pie Face Australia. It currently has one store open at 1691 Broadway in Manhattan and a 6,000-square-foot central commissary in Sunset Park, Brooklyn, where all of the products are made from scratch.
Pie Face USA has begun development of a second store in Manhattan at 507 Third Ave. (Murray Hill) and has signed leases for stores in Manhattan at 469 Seventh Ave. (Penn Plaza District) and 169 West 23rd St. (Chelsea). Pie Face USA is also actively negotiating leases for additional sites in Manhattan.
Pie Face USA serves hand-made gourmet meat pies, sweet pies, sausage rolls, sandwiches, wraps, soups, mashed potatoes and gravy, quiche, pastries, muffins, cookies, brownies and other baked goods in addition to espresso and coffee
Pie Face Australia is a leading bakery café chain founded in 2003 by Wayne Homschek and Betty Fong and currently has 75 stores open across the East Coast of Australia. It has both franchised and company-owned stores and has plans to expand the chain throughout Australia as well as into other key markets such as the UK, New Zealand, Japan, Asia and elsewhere.
SOURCE: Pie Face USA