Xperience Restaurant Group, one of the largest operators of full-service Mexican restaurants based in California and an affiliate of Z Capital Group, announced the acquisition of casual and upscale-casual brands SOL Mexican Cocina and solita Tacos & Margaritas. (Click here to read the el Restaurante Q&A with the owners of SOL Mexican Cocina.)
SOL Mexican Cocina was founded 10 years ago in Southern California and has grown to four locations in upscale areas of Newport Beach, Scottsdale, Playa Vista, and Denver. SOL's kitchens feature a unique spin on fresh, healthy, coastal Mexican food, lovingly made from scratch. Its sister brand, solita Tacos & Margaritas, was founded in 2014 as a slightly more casual take on SOL. Solita has two Southern California locations in Huntington Beach and Valencia and focuses on great Mexican food, dynamite margaritas, and embodying Southern California's laid-back lifestyle.
With this transaction, XRG's portfolio, which consists of leading Mexican restaurant brands such as El Torito and Chevys Fresh Mex, has expanded the Company's total unit count to 62 corporate-managed units.
"Our goal from day one has been to optimize our existing brands while simultaneously identifying attractive opportunities for growth," said Randy Sharpe, Chief Executive Officer of Xperience Restaurant Group. "With the rapid transformation of the casual dining sector in recent years, it is more important than ever for brands to provide a unique experience for customers, which has long been a hallmark of both SOL and solita. These brands are a natural fit for our portfolio as we grow the XRG platform, and as the casual dining sector continues to evolve, we look forward to identifying and executing on acquisition opportunities that will further position XRG for long-term growth and success."
"XRG's dedication and commitment to ensuring its concepts provide customers and guests with an enjoyable and unforgettable dining experience has established the Company as a leading operator in the casual and fine dining space," said James Zenni, President and Chief Executive Officer of Z Capital. "The acquisition of SOL and solita enhances the XRG platform, and I look forward to continuing to work closely with Randy and the management team to identify unique, customer-focused concepts and to execute on attractive opportunities for growth."
"XRG is built on employing the best people, processes and technology to operate effectively and efficiently, while fostering a culture that creates a unique dining experience for guests," said Rahul Sawhney, Senior Managing Director of Z Capital. "The acquisition of SOL and solita is not only a natural progression for XRG's growth objectives, but also enhances the platform further and will likely be followed by additional acquisitions over the near term."
About Xperience Restaurant Group:
Headquartered in Cypress, California, Xperience Restaurant Group is one of the nation's leading operators of casual, polished casual, and fine dining brands. XRG concepts include Acapulco, Chevys Fresh Mex, El Torito, El Torito Grill, Las Brisas, Who Song and Larry's, Sinigual, and now, SOL and Solita. For more information, please visit www.xperiencerg.com.
About Z Capital
Z Capital is a leading, privately held global investment firm having approximately $2.8 billion of assets under management across complementary opportunistic, value-oriented private equity and credit businesses.
Z Capital's investors are some of the largest and most sophisticated global institutional investors including public and corporate pension funds, university endowments, foundations, sovereign wealth funds, central banks, and insurance companies. The Z Capital investment strategies are described at www.zcapgroup.net.