A large private equity firm with deep ties to the restaurant industry has bought Uncle Julio's, a casual Mexican chain that is expanding in the suburbs.
Connecticut-based L Catterton, which has invested in P.F. Chang's, Noodles & Company, Anthony's Coal Fired Pizza and other companies, plans to continue to grow the Uncle Julio's brand that consists of 29 restaurants in seven states. Locally, the upscale Mexican restaurants operate in Kildeer, Lombard, Naperville, Orland Park, Schaumburg, Skokie, Vernon Hills and Chicago.
Terms of the transaction were not disclosed.
Founded in 1986 in Dallas, Texas, Uncle Julio's is known for its made-from-scratch menu and handcrafted margaritas.
"We are impressed by L Catterton's unparalleled experience growing leading restaurant brands and deep understanding of consumer food and beverage trends and are excited to partner with their dedicated team," said Tom Vogel, president and CEO of Uncle Julio's. "L Catterton appreciates our commitment to providing our guests with high-quality, made-from-scratch Mexican food and exceptional customer service. Ultimately, L Catterton's willingness to invest in the long-term success of our brand and their alignment with our values makes them the perfect fit to help us execute our growth strategy."
Uncle Julio's is a leader in the growing polished casual Mexican restaurant space, and its differentiated concept resonates across a variety of occasions and demographics, said Andrew C. Taub, a managing partner in L Catterton's Buyout Fund. "We are delighted to partner with Tom and the company's talented management team to accelerate their expansion."