Private equity giant TPG Capital has acquired a majority stake in downtown-based fast casual chain Mendocino Farms, TPG announced today.
San Francisco-based TPG bought its stake from Greenwich, Conn. private equity firm L Catterton, according to the press release. Terms were not disclosed
The 16-unit Southern California restaurant chain is also getting a new chief executive, Harald Herrmann. Herrmann will replace Mario Del Pero, who founded the concept with his wife Ellen Chen in 2005.
“Mario and I have been looking for the right partners to help achieve our mission of growing Mendo, while staying true to the brand’s culture and values,” said Chen in a statement. “We are thrilled to have Harald and TPG Growth as our new partners.”
Retail, restaurants and hospitality reporter Caroline Anderson can be reached at firstname.lastname@example.org. Follow her on Twitter @caroline_mander.