Vancouver-based Pacific Bells, one of the largest Taco Bell franchisees in the country with more than 245 restaurants in eight states, has been sold to a New York-based private investment firm.
The buyer, Orangewood Partners, did not disclose the terms of the deal, according to a Thursday news release announcing the deal.
Pacific Bells CEO Tom Cook and the current management team are keeping a minority stake in the company, and will continue to operate the restaurants, according to the news release.
Orangewood’s acquisition will benefit Pacific Bells by “bringing our resources to bear and helping the business continue to scale and deepen its already strong relationship with Taco Bell for years to come,” said Alan Goldfarb, founder and managing partner of Orangewood.
“Our new partnership with Orangewood, an experienced, long-term investor with a focus on the (quick service restaurant) sector, will help continue the expansion of our Taco Bell portfolio and create more growth opportunities for our talented and dedicated employees,” Cook said in a statement. “We look forward to this partnership and continuing to be a best-in-class operator delivering a world-class customer experience.”
The deal is pending some approvals and will likely close by the end of the year.
The buyout comes after a turbulent time at local Taco Bells, which are dealing with industry-typical problems including food supply and labor issues that temporarily closed or cut back hours at some locations, according to a handful of former employees on the online forum reddit.com/r/vancouverwa.
Pacific Bells did not respond to The Columbian’s request for comment.
Dennis and Anna January founded Pacific Bells in 1986 and opened their first store in Tualatin, Ore. Cook partnered with the couple in 1989.
Pacific Bells also is a franchisee of Buffalo Wild Wings and has ownership stakes in European Wax Center, Von Ebert Brewing, By Design Pizza and Amazing Moving.