Kirkland Advises Butterfly on Close of $527 Million Continuation Fund to Accelerate Growth for QDOBA

Kirkland & Ellis advised Butterfly Equity LP, a California-based private equity firm specializing in the food and beverage sector, on the closing of a $527 million single-asset continuation fund to extend its partnership and accelerate the growth trajectory of QDOBA Restaurant Corporation, the No. 1 Mexican fast casual franchisor in North America with approximately 800 locations and approaching $1.3 billion in systemwide sales. Apollo’s Sponsor and Secondary Solutions business led the oversubscribed transaction, with additional commitments from a diverse group of new and existing investors. The transaction provides what Butterfly believes to be an attractive liquidity option for QDOBA’s existing investors, strengthens QDOBA’s capital structure and provides a clear runway to achieve its next phase of growth and value creation.

Read the transaction press release

The Kirkland team included investment funds lawyers John Senior, Patrick Vinett, David Sherman, Justin Samson and Tom Strumpf; corporate lawyers Ravi Agarwal and Garrett Lorentz; and tax lawyers David Grenker and Benjamin Schreiner.