Famous Brands, the biggest fast-food restaurant chain in South Africa has announced a 51 per cent acquisition of the recently launched Salsa Mexican Grill, to cement its competitive edge in the fast-casual dining sector.
Salsa Mexican Grill is owned by co-founders George Nicolopoulos and Symeon Yiallouris; George’s brother Thanasi Nicolopoulos; and two other co-partners.
It serves traditional Mexican food and beverages from a love and appreciation of the cuisine cultivated from the Nicolopoulos’ family stay in the United States and extensive research in the food category.
The brand is based on a contemporary interpretation of a traditional Mexican restaurant, creating an authentically festive, welcoming and homely Mexican atmosphere which appeals to a wide range of diners.
Famous Brands is seeking to capitalize on a “gap” in the fast-casual Mexican cuisine space, CEO Darren Hele says adding, “Although we explored the possibility of establishing a start-up concept of our own, by acquiring a controlling stake in Salsa Mexican Grill we gained significant strategic advantage given the brand’s first-to-market head-start and best-in-class offering.”
Salsa Mexican Grill opened its first restaurant at Fourways in Gauteng in June 2015 and is scheduled to open two more this year.
The partnership will retain Salsa Mexican Grill’s existing team as it expedites the brand’s expansion plans in South Africa.
The financial details of the deal have not been disclosed.