Qdoba Restaurant acquired by Apollo Global Management

Apollo Global Management completed its acquisition of Qdoba Restaurant Corp. from Jack in the Box in March 2018 after a definitive agreement announced in December 2017. The all-cash transaction valued the fast-casual Mexican chain at a significant premium and was funded by Apollo funds, with Qdoba becoming a privately held portfolio company after closing. Jack in the Box used the proceeds to reduce debt and further shift toward a more capital-light business model centered on its core burger brand. he strategic rationale was to separate Qdoba from Jack in the Box and give the chain a dedicated owner focused on its next phase of growth. Qdoba brought a recognizable Mexican fast-casual concept with more than 700 restaurants, strong systemwide sales, and a large footprint across the U.S. and Canada. Apollo saw an opportunity to support the brand through operational investment, menu development, franchise expansion, and improved positioning in a highly competitive category. At the time, Qdoba was the second-largest fast-casual Mexican chain in the United States, but it had been under pressure from weaker same-store sales, creating a clear case for active ownership and performance improvement.