San Diego-based Mexican eatery Qdoba sold [Breaking]
San Diego-based Mexican eatery Qdoba has swapped one private equity owner for another, with Apollo Management Group agreeing to sell the restaurant chain to the parent company of the Modern Market and Lemonade brands.
Qdoba operates 750 fast-casual outlets across the country, about 450 of which are franchised. Headquartered in Mission Valley, Qdoba was owned for 15 years by Jack in the Box, which is also based in San Diego. It was sold to Apollo in 2017 for $305 million amid pressure on Jack in the Box from an activist shareholder.
As part of the deal, King Street Capital Management, a $22 billion private equity fund, is investing alongside Butterfly Equity. In a statement, the pair said they believe there is potential to grow to 3,000 outlets across their brands through franchises, licensed locations and company-owned stores. “You have problems with food and labor, and you have rents that are pretty high,” he said. “So, for the brand-new franchisee, they are going to be underwater for some considerable time after they open a store.”
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