Beekman Investment Partners IV, LP announced today that an affiliate has completed a recapitalization of Condado Tacos, an award-winning taco concept specializing in “build-your-own” tacos, tequilas and margaritas that operates 15 restaurants across four states and six markets in the Midwest. Joe Kahn, the Founder and CEO, who will remain the Company’s largest individual shareholder, started Condado in 2014 with the goal of creating a unique build-your-own taco concept for guests looking for “craveable” tacos with fresh ingredients in a relaxed environment that celebrates creativity.
“We are excited to partner with Joe and his seasoned management team. Condado has demonstrated an impressive ability to quickly grow its restaurant footprint across the Midwest while continuing to execute operationally at the highest level.” John G. Troiano, Beekman’s Managing Partner and CEO, said, “With attractive economics and an efficient operating model, Condado will continue its rapid and disciplined growth strategy across the Midwest and into new markets.”
Joe Kahn and his team have developed a formula that drives outstanding quality and consistency in execution while creating a fun atmosphere for Condado’s employees and guests. In doing so, they have created a special culture that attracts talent to their workforce in a fun, lively and unique setting. This model allows Condado to execute a “best in class” food experience for their guests while driving great efficiency in their business model.
“We’re thrilled to partner with Condado in the continued mission of creating dining experiences where uniqueness is celebrated,” said Chris Artinian, Managing Director at The Beekman Group. “Joe, along with the Condado team, has created an exciting brand with a differentiated experience serving up Tacos and Tequila to a broad audience in a fun upbeat atmosphere. We are looking forward to a great partnership while supporting Condado Tacos in its next phase of growth.”
Condado has a tremendous whitespace opportunity in existing and new markets given the concept’s broad demographic appeal, as well as the restaurants’ flexible real estate model and small footprint. Condado plans to open six to eight new restaurants annually with seven already slated to open in 2020 in Detroit, Cincinnati, Cleveland and Pittsburgh. All of the new restaurants will continue to highlight the local community through the brand’s distinct and vibrant street-art decor.
“The Beekman Group’s strong track record of success, coupled with their warmth and sincerity, both in seeking to understand Condado as well as supporting what makes us unique, made them the obvious choice for an investment partner,” said Joe Kahn, Founder and CEO of Condado. “We’re excited to embark on this next phase with Beekman and look forward to many years of growth and continued success.”