US restaurant group The McHenry Group has divested its majority shareholding in Pica Rica Americana BBQ to Utah-based family office PV3 Enterprises.
Financial terms of the transaction were not disclosed.
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Under the terms of the transaction,co-founder Jason Neeley will retain an ownership interest and remain in his culinary leadership position following completion of the deal.
The McHenry Group founder and Pica Rica co-founder Michael McHenry said: “A transition like this is never made lightly. Pica Rica was built with heart, purpose, and a fierce commitment to excellence. From the very beginning, Jason and I set out to create our love letter to the Southwest, a celebration of its landscapes, its grit, its flavour, and its people.”
Founded 29 months ago, Pica Rica Americana BBQ has grown from a single Main Street location into a nationwide barbecue business in under three years, according to The McHenry Group.
PV3 Enterprises has been described as a long-term investor with a patient capital approach.
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By GlobalDataIt has previously partnered with Seven Brothers Burgers.
The McHenry Group characterised PV3 Enterprises as bringing substantial strategic strength, nuanced insight into the marketplace, and a sustained, long-range focus on growing Pica Rica’s profile across both regional and national arenas.
According to the seller, PV3’s leadership has voiced firm belief in the brand’s heritage and a clear intent to safeguard the culinary craft, quality standards, distinctive flavours, and service.
The business will continue to operate its Southern Utah location.
PV3 Enterprises representative Tony Curtis added: “We’ve loved frequenting Pica Rica as customers, and we’re excited to help Jason and his team offer the experience and taste to many more people. The brand’s authenticity, culinary excellence, and guest-focused hospitality set it apart in a crowded category.”
