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Wednesday, June 29, 2005

Quiero Taco Bell

Continúa el interés de inversionistas en la cadenas de comida rápida tipo mexicana. Ahora es el Pollo Loco que está en proceso de venta. Desconozco su relación contractual con la cadena mexicana, pero es el mismo formato.
El Pollo Loco Bidding Heats Up
... Last year, El Pollo Loco posted $219 million in revenue and $33.3 million of Ebitda, compared with $206.4 million in sales and $33.4 million of Ebitda for 2003.

One private equity executive and seasoned restaurant investor said a question mark facing El Pollo Loco is its source of future growth. The chain's historic growth, the dealmaker said, has come largely from California, where the bulk of its restaurants are located.

Prospective private equity buyers that might be interested in El Pollo Loco could include Apax Partners, which has invested in Mexican eatery Cafe Rio Inc., and Bruckmann Rosser, Sherrill & Co. LLC, which has invested in Real Mex Restaurants Inc. (in January, Real Mex announced the acquisition of Chevys Inc.'s Chevys Fresh Mex restaurants and Fuzio Universal Pasta).

Centre Partners Management LLC, Charlesbank Capital Partners LLC, Grotech Capital Group and Palladium Equity Partners LLC are other potential bidders.

Palladium, a New York-based firm that targets midsized Hispanic businesses, announced on Monday the purchase of Dallas-based Taco Bueno's parent company in a secondary buyout from New York's Jacobson Partners. A source said the company, TB Corp., is valued at $160 million to $200 million.

American Securities acquired El Pollo Loco from Spartanburg, S.C.-based Advantica Restaurant Group Inc. in January 2000 for $128 million. The private equity firm owns a 94% stake in El Pollo Loco, according to Securities and Exchange Commission filings.

American Securities extracted $37 million from El Pollo Loco through a $70 million debt issuance in March, following an earlier $70 million dividend via a $110 million high-yield issuance in January 2004 through Jefferies & Co...