GE Capital Leads Financing for On The Border Acquisition
Argonne Capital Group announced the completion of its previously announced acquisition of On The Border Mexican Grill & Cantina from private equity firm Golden Gate Capital. Argonne Capital said it partnered with an affiliate of Fortress Investment Group on the transaction.
Argonne said financing for the acquisition was led by GE Capital. King & Spalding and McGuireWoods advised Argonne Capital on the transaction.
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.
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.
Argonne Capital Group is a private investment firm focused on investments in the multi-unit restaurant, retail and service industries, where the firm targets between $25-$75 million of equity per transaction. Argonne’s portfolio of companies employs over 25,000 people and generates in excess of $1.5 billion in annual system-wide sales.