Freeman Spogli & Co. has acquired Cafe Rio, a fast-casual Mexican restaurant company. Cafe Rio’s existing management team will continue to lead the company and will retain an equity stake in the business.
The company was purchased from KarpReilly, which invested in the business in 2004, when Cafe Rio operated only six restaurants. Today Cafe Rio operates more than 100 restaurants in 11 states, primarily in the Western U.S.
The terms of the transaction were not disclosed.