US-based investment firm Orangewood Partners (Orangewood) is set to acquire Pacific Bells, one of the largest Taco Bell franchisees in the US, from Partners Group for an undisclosed sum.
Pacific Bells was established in 1986 with the first Taco Bell outlet in Oregon. Currently, the company operates more than 250 restaurants in the US.
According to the terms of the deal, the founder and CEO of Pacific Bells, Tom Cook, as well as the company’s management will retain a minority stake in the company and continue to operate the restaurants.
Going forward, Pacific Bells aims to maintain its growth by opening and acquiring stores in existing and additional markets.
Cook said: “Over the last 35 years, we’ve assembled a highly capable and dedicated team that strives to deliver an exceptional guest experience day in and day out.
“Our new partnership with Orangewood, an experienced, long-term investor with a focus on the quick-service restaurant (QSR) sector, will help continue the expansion of our Taco Bell portfolio and create more growth opportunities for our talented and dedicated employees.
“We look forward to this partnership and continuing to be a best-in-class operator delivering a world-class customer experience.”
The deal is expected to close in the fourth quarter of the year, subject to certain approvals.
Orangewood founder and managing partner Alan Goldfarb said: “Orangewood’s philosophy is to partner with founders and industry-leading management teams.
“We are proud to be partnering with Tom Cook, Eric Simko and the Pacific Bells management team who have proven to be a best-in-class operator and have built a tremendous platform in the quick-service industry over more than three decades.”