Lemonade Restaurant Group and Modern Market Eatery merged into Modern Restaurant Concepts.

Lemonade Restaurant Group and Modern Market Eatery announced they have reached an agreement to merge and form Modern Restaurant Concepts, the nation's leading better-for-you restaurant platform. Lemonade and Modern Market Eatery are portfolio companies of Butterfly, a Los Angeles-based private equity firm specializing in the food sector. As part of the transaction, global investment firm KKR will contribute its investment in Lemonade to the merger and become a shareholder in Modern Restaurant Concepts alongside Butterfly and the management team. Financial terms of the transaction were not disclosed. "After working extensively with Lemonade and Modern Market Eatery over the last few years, we are confident that this merger will combine two powerful brands with an incredible team," said Butterfly Co-Founder Adam Waglay. "We're excited to continue to work alongside these two highly-differentiated concepts to expand their footprint throughout the country and internationally," added Dustin Beck, Butterfly's Co-Founder.