Qdoba operates and franchises more than 700 QDOBA MEXICAN EATS restaurants.
Jack in the Box Inc., San Diego, Calif., entered into a definitive agreement to sell Qdoba Restaurant Corp., a Lakewood, Colo.-based wholly owned subsidiary of Jack in the Box, to Apollo Global Management, New York, for approximately $305 million. Qdoba operates and franchises more than 700 QDOBA MEXICAN EATS restaurants.
“For the past several months, we have worked closely with our financial advisors and evaluated various strategic alternatives with respect to Qdoba, including a sale or spin-off, as well as opportunities to refranchise company restaurants,” says Lenny Comma, chairman and CEO of Jack in the Box. “Following the completion of this robust process, our board of directors has determined that the sale of Qdoba is the best alternative for enhancing shareholder value and is consistent with the company’s desire to transition to a less capital-intensive business model.