M&A Deal Summary

Argonne Capital Group and Fortress Acquire On The Border Mexican Grill & Cantina

On April 24, 2014, private equity firm Argonne Capital Group and asset manager Fortress acquired restaurant On The Border Mexican Grill & Cantina from Golden Gate Capital

Acquisition Highlights
  • This is Argonne Capital Group’s 4th and Fortress’ 1st transaction in the Restaurants sector.
  • This is Argonne Capital Group’s 5th and Fortress’ 24th transaction in the United States.
  • This is Argonne Capital Group’s 1st and Fortress’ 4th transaction in Texas.

M&A Deal Summary
Date 2014-04-24
Target On The Border Mexican Grill & Cantina
Sector Restaurants
Buyer(s) Argonne Capital Group
Fortress
Sellers(s) Golden Gate Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)

Target

On The Border Mexican Grill & Cantina

Irving, Texas, United States
On The Border is the largest full-service Mexican restaurant brand in the country, offering a wide variety of Mexican favorites, with a focus on fresh, signature and value-oriented dishes, complemented by a full offering of alcoholic and non-alcoholic beverages. On The Border currently owns and operates 121 units across the U.S. The brand also franchises 36 units across the U.S., Puerto Rico, Saudi Arabia, and South Korea. On The Border Mexican Grill & Cantina was founded in 1982 and is based in Irving, Texas.

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Buyer(S) 2

Buyer

Argonne Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Argonne Capital Group is a private investment firm that looks to acquire majority interests in cash flow positive companies. Argonne seeks businesses that can benefit from the firm's real estate and financing experience in terms of growth through new unit development. Sectors of interest include restaurants, retail, manufacturing, distribution, fitness, consumer services, dealerships, and light industrial. The Firm can commit up to $100 million per transaction and general targets companies with cash-flow of $5 to $75 million. Argonne Capital Group was established in 2003 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 5 of 9
Sector (Restaurants) 4 of 4
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 5 of 9
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-30 Applebee’s International

Glendale, California, United States

Applebee’s International operates food restaurant chains in the US. Applebee’s International was founded in 1980 and is based in Glendale, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-04 The Lube Stop

Berea, Ohio, United States

The Lube Stop, Inc. is a quick oil change company. Serving tens of thousands of customers each month, our oil changes and preventative vehicle maintenance services are performed by a well-trained team of experts.

Buy -
Buyer

Fortress

New York, New York, United States
Category Asset Manager
Founded 1998
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund, credit, and private equity investments. Fortress' private equity practice primarily makes control-oriented investments in North American and Western European businesses with significant asset-bases and strong cash-flows. Fortress is open to investing in a wide range of sectors, however the Firm has tended towards capital intensive sectors. These include transportation, financials, senior living/healthcare, real estate, media & telecommunications, leisure and energy infrastructure. The pivate equity group also invests in publicly traded alternative investment vehicles, which Fortress refers to as 'castles' that primarily invest in real estate and real estate related debt. Fortress was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 31 of 47
Sector (Restaurants) 1 of 3
Type (Secondary Buyout) 2 of 8
State (Texas) 4 of 6
Country (United States) 24 of 34
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-20 GateHouse Media

Fairport, New York, United States

GateHouse Media, Inc. is one of the nation’s largest local media companies as measured by its daily publications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-21 Omnisure Group

Chicago, Illinois, United States

Omnisure Group is a specialty finance company and customized payment plan provider for vehicle and home service contracts. Omnisure Group was formed in 2010 and based in Chicago, Illinois.

Buy -

Seller(S) 1

SELLER

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.

DEAL STATS #
Overall 40 of 84
Sector (Restaurants) 2 of 4
Type (Secondary Buyout) 5 of 18
State (Texas) 5 of 7
Country (United States) 36 of 76
Year (2014) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-25 LiveVox

San Francisco, California, United States

LiveVox is a provider of enterprise cloud contact center solutions, managing 9+ billion interactions annually. It empowers effective channel-of-choice engagement strategies. The company's risk mitigation and security capabilities help its clients adapt to changing business environments. LiveVox is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-07 Phillips-Medisize

Hudson, Wisconsin, United States

Phillips-Medisize Corp. is a designer and manufacturer of highly engineered finished devices, sub-assemblies, and components that are primarily developed and manufactured for medical end market applications.

Buy -
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