Eighteen Taco Bell restaurants in New Orleans, Metairie, Hammond, Amite, Ponchatoula and Opelousas have been acquired by New Orleans-based Southeast Restaurant Group.
The price was not disclosed.
SRG’s purchase of stores previously operated by Taco Bell of America comes with a commitment to develop new locations in the New Orleans metro area over the next several years.
SRG currently has 32 restaurants in Louisiana, Texas, Arkansas, Tennessee, Mississippi, Alabama and Florida and will have 50 throughout the Southeast — 28 of them in the New Orleans metro area.
“Taco Bell is not only a classic but also an innovator,” said Elie Khoury, president and CEO of KFK Group, a sister company of SRG. “This is an excellent opportunity for SRG to expand our Taco Bell presence in and around our home here in New Orleans.”
The 450 employees at the 18 restaurants will join more than 2,000 currently employed by KFK Group and Southeast Restaurant Group across its multiple lines of business.
Southeast Restaurant Group, an affiliate of KFK Group, was founded in 1999 and operates franchise and independent restaurant concepts across the South. KFK Group, founded in 1996, is a real estate development firm with an urban focus and historic rehabilitation expertise. It owns and operates a portfolio of completed and ongoing projects that includes commercial, office, hotel, and multi-family holdings.
Financing for the Taco Bell acquisition was provided by Bank of America Merrill Lynch.