Foodservice Equipment Reports

Golden Gate Capital To Sell On The Border

Golden Gate Capital has agreed to sell the 157-unit On The Border Mexican Grill & Cantina casual-dining brand to Borders Holdings, an affiliate of Argonne Capital Group. Terms of the transaction have not been disclosed. On The Border, the largest full-service Mexican restaurant brand in the U.S., owns and operates 121 units domestically and franchises 36 units across the U.S., Puerto Rico, Saudi Arabia and South Korea.

According to a statement from Karl Jaeger, managing director of Argonne, the new owners will keep existing management, including CEO Steve Clark, intact at On The Border while anticipating nationwide expansion.

Argonne Capital Group is a private investment firm headquartered in Atlanta; it owns a number of restaurant brands outright or through franchisee holding companies, including Applebee’s, IHOP, Krystal and Stevi B’s Pizza.

Golden Gate, which also owns the California Pizza Kitchen and CPK ASAP brands, bought On The Border from Dallas-based Brinker Int’l. in 2010 in a deal valued at $180 million.

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