Argonne Capital Group has completed its acquisition of On The Border Mexican Grill & Cantina from private equity firm Golden Gate Capital.
Argonne Capital partnered with an affiliate of Fortress Investment Group on the transaction.
On The Border was founded in 1982 and is the largest full-service Tex-Mex restaurant brand in the US. On The Border operates 121 units across the US and also franchises 36 units across the US, Puerto Rico, Saudi Arabia and South Korea.
"We are excited to have closed this transaction in such a swift manner and are eager to begin our partnership with the company's strong management team," says Michael Klump, president and founder of Argonne Capital. "The acquisition of On The Border fits squarely within Argonne's investment mandate and offers a tremendous opportunity to leverage our track record of delivering operational excellence and executing a best-in-class real estate and development strategy. We look forward to positioning this concept for long-term success."
"We are thrilled to begin our next chapter of growth with Argonne Capital," says Steve Clark, CEO of On The Border. "Their extensive experience in the restaurant space will be a tremendous asset as we continue to evolve and build our brand."
