Local favorite Federal Donuts is looking to add dozens of new locations throughout the Mid-Atlantic region and beyond after receiving a growth equity investment from Radnor-based NewSpring. 

The capital infusion comes from the Main Line private equity firm’s NewSpring Franchise arm, which focuses on growing what it identifies as innovative, multi-unit concepts. 

As part of the transaction, NewSpring has acquired an equity stake in the donut and fried chicken concept, which was launched in South Philadelphia in 2011 by the team of CEO Tom Henneman, CookNSolo restaurant group co-owners Steve Cook and Michael Solomonov, Felicia D’Ambrosio, and Bob Logue. 

Both companies declined to disclose terms of the deal. 

*Article courtesy of Philadelphia Business Journal

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