Argonne Capital Group, LLC announced on June 3rd the completion of its previously announced acquisition of On The Border Mexican Grill & Cantina from private equity firm Golden Gate Capital. Argonne Capital partnered with an affiliate of Fortress Investment Group, LLC on the transaction.
On The Border was founded in 1982 and today is the largest full-service Tex-Mex restaurant brand in the country. On The Border operates 121 units across the U.S. and also franchises 36 units across the U.S., Puerto Rico, Saudi Arabia and South Korea.
With the completion of this acquisition, Argonne Capital has increased its restaurant portfolio to over 925 locations covering brands such as IHOP, Applebee’s, Krystal, On The Border and Stevi B’s Pizza. Today, Argonne’s portfolio of companies employs over 25,000 people and generates in excess of $1.5 billion in annual system-wide sales.
King & Spalding and McGuireWoods LLP advised Argonne Capital on the transaction. Financing for the transaction was led by GE Capital.
posted by: Eric Fujimori