Akin Gump Advises Bessemer Investment Partners on the deal
Bessemer Investment Partners LLC 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 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.
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.
Akin Gump Advises Bessemer Investment Partners with David D’Urso (Picture) and counsel Eli Miller.
Law Firms: Akin Gump;
Clients: Bessemer Investment Partners;