Wynn Resorts founder and Las Vegas gaming magnate Steve Wynn has invested $15 million into Pie Face’s US subsidiary as part of a private placement, according to Deal Journal Australia
Mr Wynn’s investment represents approximately 43 per cent of the issued and outstanding shares of Pie Face USA on a fully diluted basis, the report said. Mr Wynn will appoint two directors to the Board of Directors of Pie Face USA.
Mr Wynn was recently named by Forbes as the 164th-richest individual in the US, boasting a net worth of $2.5 billion.
We are thrilled to have such experienced and talented entrepreneurs supporting us in the rollout of Pie Face USA,” Pie Face co-founder Wayne Homschek said. “We could not have asked for a better endorsement of our brand and our potential in both the United States and globally.”
Deal Journal Australia says Pie Face intends to open a total of four stores in 2012 and another 12 in 2013, in and around Manhattan.