San Diego-based High Bluff Capital Partners adds the fast-casual franchise chain, started in Seattle in 1992, to its growing portfolio.
Taco Del Mar, the restaurant chain that got its start in Seattle 26 years ago, has been sold by its Connecticut owners to a San Diego private equity firm.
High Bluff Capital Partners announced Monday that it has acquired the chain, now based in Lynnwood with more than 100 franchise locations. Terms of the deal were not disclosed.
In 2010, Connecticut-based Franchise Brands paid $3.25 million to buy Taco Del Mar and about two dozen corporate-owned stores out of Chapter 11 bankruptcy. Including franchised stores, Taco Del Mar had grown to 270 stores in 2008, but mismanagement and a series of legal troubles, led the corporate entity into debt.
High Bluff, which last month acquired the parent company of hot sandwich chain Quiznos, sees an opportunity in “the midmarket restaurant franchise segment,” Gerry Lopez, operating partner at the firm, said in a statement. He said Taco Del Mar’s “well-established heritage in the Pacific Northwest” is “an excellent foundation to build upon.”
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