A New York private equity firm, Bessemer Investment Partners LLC, has bought 73 Taco Bell restaurants in Texas. The acquisition of these new stores is a part of an asset sale with KorMex Foods, a Houston-based company.
Although the deal was closed last year in November, terms were not disclosed. However, Bessemer said that the firm had formed a new portfolio group, MAS Restaurant Group LLC, to oversee the growth of the franchise operations. Andrew Mendelsohn, a principal at Bessemer, said that MAS would look to improve and develop the Taco Bell system through new stores and store improvement.
Chad Motsinger, the new portfolio’s CEO, said, “Over the past 18 years, we have built a successful company serving both our customers and our employees. Our partnership with BIP will allow us to continue that success as well as create a platform for new growth opportunities.”