Austin-based Torchy’s Tacos last week sold a $400 million stake to an investor group to fund its ongoing expansion, National Restaurant News reports
Since launching as a food truck in 2006, Torchy’s has grown into a “craft casual” brand that now has 83 locations in seven states, including three in San Antonio.
It seems that, even during a pandemic, the chain's hipster-approved tacos are a cash cow. The empire has moved forward with an aggressive expansion plan, opening 12 new locations and expanding into three states since January.
Under the newly announced deal, growth equity firm General Atlantic — which first invested in Torchy’s in 2017 — will share ownership stakes with four other firms in this round of funding, the industry news site reports.
“Pairing these four firms with our existing partner, General Atlantic, we feel that we have assembled a premier ownership group that will allow us to accelerate our growth and write the next chapter in Torchy’s history,” company CEO G.J. Hart said in a statement.
Torchy's said it will use the new investment to expand into as many as 10 additional states over the next four years.
While some San Antonians pooh-pooh Torchy's Austin-style, questionably named — and we could go on — menu offerings, it's kind of hard to fault the company for continuing to grow if it can land $400 million cash injections.
If they want to serve "Trailer Park Trashy" tacos all over the U.S., hey, who are we to argue?
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