TriSpan Maman Single Asset Continuation Fund

The TriSpan Maman Single Asset Continuation Fund is a GP-led single-asset continuation vehicle through which TriSpan, a transatlantic private equity firm with offices in New York and London, maintains its ownership of Sugar Beets Inc., the parent company of Maman — a French-American cafe-bakery and lifestyle brand. The vehicle reached a final close on May 8, 2026, with Kline Hill Partners LP serving as lead investor alongside Norwest, a large Ivy League endowment, and meaningful reinvestment from TriSpan and its affiliates. As one of the few single-asset continuation vehicles completed for a company-owned restaurant platform, the transaction reflects strong institutional conviction in Maman's brand equity, unit economics, and long-term expansion runway.

Structured under TriSpan's Rising Stars strategy — which targets control-oriented growth equity investments in differentiated, high-growth restaurant and food-and-beverage concepts globally — the continuation vehicle was designed to provide liquidity to investors in TriSpan's prior fund while allowing TriSpan to remain the active equity sponsor and to deliver fresh growth capital to Maman. GP-led continuation vehicles are increasingly used by mid-market sponsors as an alternative to a trade sale when the underlying asset retains meaningful unrealized value; in Maman's case, TriSpan and incoming investors identified significant national and international whitespace for the brand. Kline Hill Partners, a specialist secondaries firm with approximately USD 7.5 billion under management, led the transaction, providing institutional validation both of Maman's quality and of the continuation vehicle format within the restaurant sector.

Founded in New York City's SoHo neighborhood in 2014 by Ben and Elisa Sormonte, Maman has grown under TriSpan's stewardship — following TriSpan's original investment in December 2020 — into a nationally recognised brand operating 56 company-owned cafe-bakery locations across nine U.S. states and Canada. The chain reported nearly USD 90 million in system revenue for 2025, representing approximately 27% year-over-year sales growth, with an average unit volume of approximately USD 1.9 million exceeding comparable fast-casual cafe peers. TriSpan's broader platform has executed more than 30 restaurant and food-and-beverage transactions globally through its Rising Stars and Opportunities funds, giving the firm deep domain expertise in scaling company-owned concepts, franchising readiness, and supply chain management.