DALLAS — OTB Acquisition L.L.C., an affiliate of Golden Gate Capital, has completed its acquisition of On The Border Mexican Grill & Cantina from Brinker International, Inc. for $180 million. Brinker owns, operates or franchises 160 restaurants under the On The Border name.
“This is a great brand with great potential,” said Josh Olshansky, a managing director at Golden Gate Capital. “We are enthusiastic about the company’s significant growth opportunities, and we are very pleased to partner with the On The Border team to continue the success of this market leading brand.”
In connection with the acquisition, Golden Gate detailed two executive appointments at On The Border.
Stephen Clark was named chief executive officer. Mr. Clark is a restaurant executive who previously was c.e.o. at Bertucci’s, Taco Bueno and Taco Cabana.
Christopher Morris was named chief financial officer. Mr. Morris has more than 14 years of restaurant industry experience, including the past 6 years as c.f.o. of Chuck E. Cheese’s.
“Steve and Chris are seasoned and successful restaurant executives,” Mr. Olshansky said. “They bring a unique set of experiences and leadership that will further position the company for success and long-term growth.”