Bessemer Investment Partners LLC said March 27 that it acquired KorMex Foods Inc. Financial terms weren’t announced. MAS Restaurant Group LLC, the Bessemer platform that owns the KorMex assets, operates 73 Taco Bell restaurants, including two co-branded KFC and six co-branded Pizza Hut Express locations, in Houston and surrounding markets.
Bessemer Investment Partners Acquires KorMex Foods
Establishes Platform to Manage and Grow Restaurant Investments
HOUSTON, TX, March 27, 2019
Bessemer Investment Partners LLC (“BIP”) announced today that it has acquired the assets of KorMex Foods, Inc. (“KorMex”) through a new portfolio company platform set up for this purpose called MAS Restaurant Group, LLC (“MRG” or the “Company”). MRG now operates 73 Taco Bell restaurants, including two co-branded KFC and six co-branded Pizza Hut Express locations, in Houston and surrounding markets. Through this transaction, BIP has offered liquidity to KorMex’s founders and selling shareholders. The investment will also provide the Company with capital to support future growth through new store development and acquisitions. Financial terms of the transaction were not disclosed.
MRG’s management team, consisting of CEO Chad Motsinger (former COO at KorMex), CFO Ben Walsh (former VP of FP&A at California Pizza Kitchen) and other executives previously with KorMex, will lead MRG going forward, and will retain a minority stake in the Company.
Mr. Motsinger said, “Over the past 18 years, we have built a successful company serving both our customers and our employees in the Houston community. Our partnership with BIP will allow us to continue that success as well as create a platform for new growth opportunities.”
Andrew Mendelsohn, Principal at BIP, said, “We see MRG as a platform with tremendous potential for expansion within the Taco Bell system, through both new store development and acquisitions. We look forward to partnering with Chad, Ben and the management team as they continue to operate high-quality restaurants and grow location count in Houston and beyond.”
BIP, a Phipps family investment vehicle, was formed in early 2018 to invest in lower middle market companies that can benefit from its long-term, flexible capital and experienced private equity investment professionals. BIP invests in a variety of sectors, including industrials, business services, consumer products and services, and insurance services.
About Mas Restaurant Group
Mas Restaurant Group, headquartered in Houston, Texas, operates Taco Bell restaurants in Houston and surrounding markets. Among its 73 Taco Bell locations, two are co-branded with KFC and six are co-branded with Pizza Hut Express. For further information, please visit www.masrestaurantgroup.com.
About Bessemer Investment Partners
Bessemer Investment Partners LLC, located in New York, is focused on investing in middle-market businesses to drive growth and create value. BIP differentiates itself by combining the support of a permanent family capital base with a team of experienced private equity professionals. This approach offers unique solutions to its partners and the flexibility to maximize long-term value. For further information, please visithttps://www.bessemerinvestmentpartners.com/.