Published 14 Oct,2021 via Bloomberg Markets - A unit of Abu Dhabi’s Mubadala Investment Co. acquired one of the largest Taco Bell Corp. franchisees in the U.S., underscoring the $243 billion sovereign wealth fund’s growing appetite for private equity deals.
Mubadala Capital, the fund’s asset management arm, bought K-Mac Holdings Corp. from Lee Equity Partners Opportunities Fund, according to a statement on Thursday. Financial terms weren’t disclosed. K-Mac operates some 300 fast-food Taco Bell outlets that are primarily located in the country’s Midwest and South.
The deal reflects Mubadala Capital’s foray into the food and beverage sector, where it invested about $1.8 billion in the past seven years alone. It also underlines the buyout division’s U.S. focus, a destination for about 80% of its capital, said Adib Martin Mattar, who heads private equity at Mubadala Capital.
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