The asset management arm of the Abu Dhabi sovereign wealth fund Mubadala Investment Company has acquired K-Mac Enterprises, one of the largest US franchisees of fast-food chain Taco Bell Corp.
Mubadala Capital bought the franchisee from Lee Equity Partners Opportunities Fund in partnership with the company’s existing management team, according to Emirates News Agency. It didn’t disclose financial details.
The news agency also said that Mubadala has invested $1.8 billion into the food and beverage sector in the last seven years. Late last year, Mubadala led a $700-million investment into REEF Technology, a US-based proximity-as-a-service platform that caters to food delivery and fast-food restaurant chains.
K-Mac was founded in 1964 and operates 300 Taco Bell outlets in the midwestern and southern US.
Goldman Sachs Group Inc advised Mubadala Capital on the K-Mac deal.
Mubadala Investment is the second-largest wealth fund of the Gulf emirate after the Abu Dhabi Investment Authority (ADIA). It manages assets worth around $243 billion across 50 countries.
Mubadala Capital manages assets worth nearly $9 billion in third-party funds across its private equity, public equities, venture capital and Brazil businesses. In August, a consortium of investors led by BlackRock Inc, the world’s biggest asset manager, had invested $1.2 billion in assets and a private equity fund managed by Mubadala Capital.
Mubadala has also been focussed on the US market where it has inked several deals in the last few months.
In August, it joined hands with private investment firm BDT Capital Partners LLC for a deal to acquire US-based water treatment company Culligan International. The same month, along with venture capital firm Akkadian Ventures it jointly led a $100 million investment into tech platform People.ai.
Mubadala’s other technology investments this year include bets on US-based payments company SpotOn, Paris-based property-technology startup Matera, messaging app Telegram and Berlin-based insurance-technology company Wefox.