Formerly a franchisee, Thrive Restaurant Group buys this Denver-based brand

Two years ago this month, Thrive Restaurant Group added a fifth concept to its stable of restaurant brands by becoming the first franchisee for Denver-based Modern Market Eatery.

Now, Thrive has purchased the entire Modern Market brand, whose tagline is “eat well, be happy.”

“This kind of came out of nowhere for us,” said Thrive CEO Jon Rolph.

Initially, Thrive purchased three existing Modern Markets in Austin and signed a development deal to open 41 more, including at least one in Wichita.

Since then, Thrive built two of the restaurants in the Kansas City area, including the Power & Light District and Prairie Village.

Now, with the brand purchase, Thrive has acquired 19 more units that it will run in Colorado and Texas.

The deal also comes with five licensed units, where the company licenses its name and menu to an outside operator, including two at the Denver airport.

“We were the logical buyer,” Rolph said.

Modern Market parent company Butterfly Equity has turned its focus to Qdoba, the Mexican chain it acquired in 2022.

“That’s demanded . . . more of their energy and attention,” Rolph said.

Qdoba is rapidly expanding, and Thrive is involved in that as well. Earlier this summer, Thrive signed a deal to bring 30 Qdoba units to North Carolina and South Carolina by 2028.

Thrive now has more than 190 restaurants over six brands, including Applebee’s, Qdoba and Modern Market along with its own concepts, Carlos O’Kelly’s, HomeGrown and Bakesale Treat Parlor.

Former Modern Market COO Robin Robison will become president of the brand for Thrive.

“We just like the team a lot,” Rolph said.

Modern Market’s headquarters has been in Denver.

“They have some great capabilities that we’re bringing in,” Rolph said. “We’re gaining some great leaders in this acquisition.”

Employees will be able to keep living in Denver, which will be another satellite office for Thrive in addition to one in North Carolina.

“So we’re covering three time zones,” Rolph said.

He said his Thrive employees enable the company to keep expanding.

“I just have an incredible team at Thrive that is up to the challenge. If it was something I was trying to do alone, we would have stopped growing a long time ago.”

Previously, Rolph described Modern Market as “a better for you fast casual concept” and said catering is a big focus for the chain.

At the time Thrive became a franchisee, Rolph said the Thrive team not only was eager to eat the food, but he said it’s important to have the concept locally to see it in operation daily.

“It’s been at the top of our list ever since we’ve gotten in.”

He said he’s had trouble finding the right site, though.

That’s got to change now that the brand is headquartered here, Rolph said.

“Now that we control the concept, it’s paramount.”

This story was originally published September 4, 2024 at 2:36 PM.