Private-equity firm TPG Growth has acquired the 177-unit Taco Bueno Restaurants LP, the companies said Wednesday.
San Francisco-based TPG purchased Taco Bueno from Palladium Equity Partners, the New York firm that has owned the quick-service Tex-Mex chain since 2005. Terms of the deal were not disclosed.
TPG Growth is the middle market platform for parent TPG, which has invested in a number of foodservice brands, including Burger King, Café Valley bakery products and Gary Farrell Winery, and such leisure-hospitality brands as Caesar’s Entertainment Corp. and Fairmont Raffles Holdings International.
“TPG Growth is focused on partnering with exceptional management teams and companies to help grow their businesses," said Sanjay Banker, a partner at TPG Growth, said in a statement.
"In Taco Bueno, we found a company with a loyal customer following and a dedicated leadership team,” Banker said. “Under TPG's ownership, Taco Bueno will continue to build on its momentum, enhance the company's strong brand recognition and loyalty, and grow its footprint in new and existing markets."
Farmers Branch, Texas-based Taco Bueno first opened in Abilene, Texas, in 1967. The company debuted a new prototype design in June 2013.
"TPG Growth is the ideal partner to help us to continue our momentum and take Taco Bueno to the next level," said Mike Roper, CEO of Taco Bueno.
"Their experience helping to build some of the most iconic consumer brands in the world, as well as their experience with leading QSRs, will be extremely valuable as we look to accelerate growth while maintaining the high-quality experience that keeps our customers coming back,” Roper said in prepared remarks.
Taco Bueno ranked No. 170 in Nation’s Restaurant News’ most recent Second 100 report with estimated U.S. systemwide sales of $208 million for the fiscal year ended December 2014, up from the estimated $203.5 million in the preceding year.
Taco Bueno has restaurants in Arkansas, Colorado, Kansas, Louisiana, Missouri, Texas and Oklahoma.
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