Private equity giant TPG Capital has acquired a majority stake in Studio City fast casual chain Mendocino Farms, TPG announced today.
San Francisco-based TPG bought its stake from Greenwich, Conn. private equity firm L Catterton, according to the press release. Financial terms were not disclosed.
Mendocino Farms has 16 restaurants in Southern California, including units in Sherman Oaks and Westlake Village.
With new ownership, the chain is also getting a new chief executive, Harald Herrmann. He will replace Mario Del Pero, who founded the concept with his wife Ellen Chen in 2005.
“Mario and I have been looking for the right partners to help achieve our mission of growing Mendo, while staying true to the brand’s culture and values,” said Chen in a statement. “We are thrilled to have Harald and TPG Growth as our new partners.”