Sale of On The Border to Golden Gate Capital Completed
Stephen Clark Joins On The Border as CEO, Christopher Morris Named CFO
DALLAS, TX (July 1, 2010) – OTB Acquisition LLC, an affiliate of Golden Gate Capital, announced that it has completed its acquisition of On The Border Mexican Grill & Cantina from Brinker International, Inc. (NYSE: EAT).
“This is an exciting day for On The Border, its team members and Golden Gate Capital. This is a great brand with great potential,” said Josh Olshansky, a Managing Director at Golden Gate Capital. “We are enthusiastic about the Company’s significant growth opportunities and we are very pleased to partner with the On The Border team to continue the success of this market leading brand.”
Golden Gate also announced today the appointments of Stephen Clark as Chief Executive Officer and Christopher Morris as Chief Financial Officer. Mr. Clark is an experienced restaurant executive with an excellent track-record leading casual dining and Mexican restaurant brands. Mr. Clark previously served as CEO at Bertucci’s, Taco Bueno, and Taco Cabana, where his leadership generated strong same-restaurant sales and profit growth. Mr. Morris joins On The Border with over fourteen years of restaurant industry experience. For the past six years, he served as CFO of Chuck E. Cheese’s, a publicly traded family dining and entertainment chain with over 500 locations.
“Steve and Chris are seasoned and successful restaurant executives,” said Mr. Olshansky. “They bring a unique set of experiences and leadership that will further position the company for success and long-term growth.”
“I am delighted and honored to join the On The Border family and serve as steward of this strong leader in Mexican Casual Dining,” said Stephen Clark. “I look forward to working closely with the team to help the company further build upon its many strengths through excellent execution and innovation.”
About On The Border Mexican Grill & Cantina
On The Border is a full-service, casual dining Mexican restaurant brand with 162 restaurants. The menu offers a wide variety of Mexican favorites, with a focus on fresh, signature and value-oriented Mexican items. The menu includes fresh new salads like the Citrus Chipotle Chicken Salad; a new, signature OTB Fresh Grill; a Fajita Grill with new, customizable, top-quality fajitas; and a refreshed OTB Taco Stand introducing indulgent items like Taco Melts and fresh classics like Grilled Mahi Mahi Tacos. The menu is complemented by a full offering of beverages like the Perfect Patron margarita, the fresh, Shaken Margarita and the new Sangria. On The Border offers full bar service, in-restaurant dining and signature patio dining in all locations. On The Border also offers the convenience of a To-Go menu and To-Go entrance to expedite take-out service. In addition to To-Go, On The Border offers catering service, from simple drop-off delivery to full-service event planning.For more information, visit www.ontheborder.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $8 billion of assets under management. Golden Gate is dedicated to partnering with world class management teams and targets investments in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types. For more information, visit www.goldengatecap.com.