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Restaurant Industry News
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Friday November 21st, 2008 |
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Mexican Restaurants, Inc. Aquires Mission Burritos
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Company Prepared to Enter Fast Casual Segment with Acquisition |
Mexican Restaurants, Inc. (MRI) (NASDAQ:CASA), announced today that it has acquired Mission Burritos, a two-unit Houston-based restaurant company, and related assets, for $725,000 in cash.
"Mission Burritos is an exciting and successful concept that has earned an almost cult-like following with Houston area residents and visitors alike," said Curt Glowacki, President and Chief Executive Officer of Mexican Restaurants, Inc. "It gives us an entry into the growing fast-casual dining segment, adding great value to our company and shareholders."
Glowacki added that Mission Burritos would be able to leverage Mexican Restaurants' marketing, operations and purchasing power to strengthen its brand, reduce costs and increase margins, which is critical in today's economy and competitive marketplace. In addition, employees of Mission Burritos will also have access to new opportunities for development, advancement and employee benefits as part of a larger organization. The founder of Mission Burritos, Wendy Mitchell, chose to sell to MRI because she felt that the corporate cultures were a good fit with continued consistency of product and service levels.
The trendy eatery opened its first Mission Burritos location on West Alabama in Houston in 1995, and it quickly became known for its huge burritos made with fresh ingredients, variety of toppings, great salads and soups, burritos in a bowl, and friendly service.
Today, Mission Burritos is open for lunch and dinner and enjoys a robust catering business. Over the years, Mission Burritos has continued to attract college-aged types, a hip slice of older generations and families because of the value, flavors, menu options, and atmosphere.
About Mexican Restaurants, Inc.
Mexican Restaurants, Inc. (NASDAQ:CASA), based in Houston, Texas, operates 80 Mexican restaurants (61 Company-operated, 18 franchises and one licensed). The current system includes six brands: Casa Ole, Monterey's Tex Mex Cafe, Monterey's Little Mexico, Tortuga Mexican Kitchen, La Senorita and Crazy Jose's. The Company enjoyed annual sales exceeding $81 million in 2005 and employs more than 3,000 employees across four states.
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