Mubadala Capital acquires K-MAC Enterprises, the second largest Taco Bell franchisee in the United States

Acquisition aims to unlock growth opportunities within Mubadala Capital's F&B portfolio


Abu Dhabi, UAE/New York, US: Mubadala Capital, the Abu Dhabi-based asset management subsidiary of Mubadala Investment Company, one of the world’s leading sovereign investors with US $243 billion of assets under management, today announced the acquisition of K-MAC Enterprises (“K-MAC”) from Lee Equity Partners Opportunities Fund in partnership with the existing management team.

Founded in 1964, K-MAC has established a strong track record of growth through a combination of new store openings and strategic acquisitions. Today, K-MAC operates over 300 Taco Bell restaurants, primarily located in the Midwestern and Southern United States and represents approximately 4% of the entire Taco Bell system, the industry leader in the Mexican quick service restaurant (“QSR”) space.

Commenting on the acquisition, Adib Martin Mattar, Head of Private Equity at Mubadala Capital, said: “The management team at K-MAC are among the best operators we have come across as an organization, and we could not be happier to partner with them to drive K-MAC’s next phase of growth. They have built an exceptional business with a 40-year track record of innovation alongside the Taco Bell brand, as well as industry-leading operating performance that we are collectively looking to leverage across new concepts and formats to better serve each of their key demographics. Their expertise is perfectly suited to capitalize on value creation opportunities that can be found within our existing portfolio of consumer and food services assets as well as our global network.”

Tina Reagan, Chief Operating Officer at K-MAC, said: “Mubadala Capital brings a unique network and new perspective to this partnership, and we are delighted to partner with an organization that understands us as a management team, the value of operating excellence and the importance of our employees. This is an exciting time for our business as we seek to build upon a loyal customer base to drive value through increased use of technology and digital presence alongside our new partner, Mubadala Capital.”

Mubadala Capital has significant experience in the Food and Beverage space, having invested approximately US $1.8 billion over the past seven years in this sector. Recently, Mubadala Capital led a US $700 million investment round into REEF Technology, a US-based proximity-as-a-service platform enabling and accelerating the growth of the North American on-demand economy underpinned by food delivery with a portfolio that includes a number of leading QSR restaurant concepts in the United States.

Goldman Sachs advised Mubadala Capital on this transaction, and Bank of America and North Point advised the sellers.

About Mubadala Capital

Mubadala Capital is the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $9 billion in third-party capital vehicles on behalf of institutional investors in four of its businesses, including three private equity funds, two early-stage venture funds, a public fund and a fund in Brazil focused on special situations.

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