Butterfly has successfully closed a $527 million continuation fund aimed at accelerating the growth of QDOBA, a leading Mexican fast-casual restaurant chain.

Target Information

QDOBA Restaurant Corporation, a leader in the Mexican fast-casual dining segment, operates over 800 locations across North America and is nearing $1.3 billion in systemwide sales. The company has positioned itself as the number one franchisor in its category, having undergone a substantial transformation since its acquisition by Butterfly in 2022, which included enhancing its management team, embracing a franchise-first model, and fostering new restaurant development.

Industry Overview

In the United States, the fast-casual restaurant industry has been thriving, characterized by a growing trend toward fresh, quality ingredients and customer customization. QDOBA stands out in this landscape as it continually adapts to consumer demands while maintaining its commitment to flavor and quality. Amid rising demand for convenient but high-quality dining options, players in this sector are positioned for robust growth.

The Mexican fast-casual segment, in particular, benefits from cultural influences that promote vibrant flavors and diverse culinary options, appealing to a b