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Butterfly to Acquire QDOBA to Form Fast Casual Restaurant Platform.

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Vincent

MANews-(C)2009-2022

US-based food-focussed private equity firm Butterfly has entered into a definitive agreement with funds managed by affiliates of Apollo to acquire California-based franchisor QDOBA, operating in the Mexican fast casual restaurant sector, the company said.

Terms of the transaction were not disclosed. The transaction is expected to close in 3Q22.

The acquisition was conducted via a merger transaction with Modern Restaurant Concepts (MRC), a fast casual restaurant platform consisting of two brands: Modern Market Eatery and Lemonade.

Upon closing of the merger transaction, the Modern Restaurant Concepts platform will comprise approximately 800 units touching nearly every US state and the combined restaurants will employ nearly 18,000 systemwide.

As part of the transaction, King Street Capital Management, a leading global alternative asset manager, is investing alongside Butterfly.

Butterfly was advised by Kirkland and Ellis LLP on legal matters in connection with the transaction. QDOBA and Apollo Funds were advised by Deutsche Bank, Credit Suisse, and Morgan, Lewis and...

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