A U.S. Bankruptcy Court in Phoenix has approved Cornbread Ventures LP’s buy of Z’Tejas Southwestern Grill. Cornbread, the buyer, is comprised of Gary Manley and Michael Pottorff from Iron Cactus Mexican Grill and Margarita Bar, as well as Michael Stone from The Stone Group. Under the new ownership, all Z’Tejas entities will remain open, including five Z’Tejas locations in Arizona and three Z’Tejas locations in Texas. Z’Tejas filed for bankruptcy protection in July.
PHOENIX (Oct. 5, 2015) – Cornbread Ventures, LP today announced it has been approved to acquire Z’Tejas Southwestern Grill via a court order signed in U.S. Bankruptcy Court in Phoenix last week. The new entity is comprised of the principals of Texas-based Iron Cactus Mexican Grill and Margarita Bar and The Stone Group. Under the new ownership, all Z’Tejas entities will remain open, including five Z’Tejas locations in Arizona and three Z’Tejas locations in Texas.
“We are excited about the future of the Z’Tejas brand and our vision for the concept,” said Gary Manley, partner, Cornbread Ventures. “Our utmost priority is to continue to deliver the same great service and high-quality food and drinks Z’Tejas guests have come to expect over the last 25 years, while enhancing the menu offerings and improving the aesthetics of each restaurant location.”
“We are grateful for the bankruptcy court’s final approval of the sale and honored to have the opportunity to preserve such an iconic restaurant brand,” said Mike Pottorff, partner, Cornbread Ventures. “There is a lot of work to be done, but we are passionate about the concept and look forward to rolling out some exciting changes in the near future, which will positively affect the overall guest experience.”
Manley and Pottorff each bring more than 20 years of restaurant operations experience to Cornbread Ventures as the co-founders of Texas-based Iron Cactus Mexican Grill and Margarita Bar. The pair opened the first Iron Cactus location in 1996 in Downtown Austin and has since expanded the popular Mexican concept to a total of five locations in Austin, Dallas and San Antonio.
Michael Stone brings financial and business expertise to Cornbread Ventures as the principal of The Stone Group, an Austin-based commercial real estate investment company. Established in 2004, The Stone Group provides comprehensive corporate and retail real estate services to maximize its clients’ return on investment.
About Z’Tejas Southwestern Grill
Z’Tejas Southwestern Grill offers a wide array of fresh, flavorful and innovative menu items inspired by culinary influences from Louisiana, Texas, California and New Mexico. Today, there are a total of eight Z’Tejas locations in Arizona and Texas. For more information about Z’Tejas’ award-winning margaritas, menus, locations and hours visit www.ztejas.com.