by Alyssa Oursler | June 13, 2012 12:38 pm
Steve Wynn, founder, chairman and CEO of Wynn Resorts (NASDAQ:WYNN), just purchased a 43% stake in Pie Face USA — a personal investment of $15 million.
Pie Face, a leading bakery café chain in Australia, is just beginning its expansion into the U.S. It first opened one store in Manhattan, and makes all of the products from scratch nearby in Brooklyn. A second store is in the works in the same area, and all New York stores plan to be open 24 hours a day. Wynn’s investment is expected to further fund such expansions.
“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. I look forward to backing them as they expand throughout Manhattan and across the United States.”
The company is known for its handmade gourmet meat pies, sweet pies, sausage rolls, sandwiches, wraps, soups, mashed potatoes and gravy, quiche, baked goods and coffee.
Although the investment does not involve Wynn’s gaming company, Wynn Resorts and the chief executive also have made headlines recently as plans to build a $4 billion casino were revealed earlier this month. Also, in February, Wynn forced a buyout of the 20% stake in Wynn Resorts held by rival Kazuo Okada, the former vice chairman who filed a lawsuit against the company to get a look at the books a month earlier.
Source URL: http://investorplace.com/2012/06/steve-wynn-invests-15-million-in-pie-face/
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