Orangewood Partners, a long-term focused private investment firm, has acquired Pacific Bells LLC, a Taco Bell franchisee in the U.S. from Partners Group, a leading global private markets firm.

Pacific Bells Founder and CEO Tom Cook, and the entire management team are maintaining a significant minority stake and will continue to operate the restaurants. Terms of the transaction were not disclosed, according to a press release.

Pacific Bells was launched in 1986 with the opening of a single Taco Bell outlet in Oregon and has since grown across nine states. It is one of the largest Taco Bell franchisees in the country with more than 250 restaurants. Pacific Bells is led by Cook, Eric Simko, chief strategy officer, and a seasoned management team. Pacific Bells intends to continue its strategy of opening stores in existing markets and acquiring stores in current and additional markets.

"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 QSR sector, will help continue the expansion of our Taco Bell portfolio and create more growth opportunities for our talented and dedicated employees," Cook said in the release. "We look forward to this partnership and continuing to be a best-in-class operator delivering a world-class customer experience."

"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," Alan Goldfarb, founder and managing partner of Orangewood, said in the release.

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