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The Mendocino Farms sandwich chain has been acquired by private-equity firm TPG Growth, a middle-market fund with plans to expand the concept outside California, the company said Monday.
In addition, former Darden Restaurants executive and Yard House co-founder Harald Herrmann (left) has been named CEO of Mendocino Farms, which is based in Los Angeles.
Founders Mario Del Pero and Ellen Chen, the husband-and-wife team who launched the fast-casual Mendocino Farms in 2005, remain the largest individual shareholders and will also continue to be involved in day-to-day operations, but with more focus on their respective roles, they said.
Terms of the deal were not disclosed. But TPG Growth has acquired the majority stake previously held by private-equity firm L Catterton, which invested in Mendocino Farms in 2012.
Whole Foods Market Inc., which also invested in the sandwich chain two years ago, has kept its minority stake as part of the deal with TPG Growth. Whole Foods was recently acquired by ecommerce giant Amazon.
With 16 units and two more scheduled to open in Northern California in December, Mendocino Farms is planning another 10 units in 2018. The chain expects to make its first move outside California — into Texas —in 2019.
With an average check of $11.50, the concept is known for its chef-created sandwiches and salads using sustainably sourced ingredients from local farmers and...