Balmoral Funds LLC of Los Angeles, a lower-middle-market private equity firm, announced that a newly-formed entity, together with affiliates, has acquired substantially all of the assets of MOOYAH Holdings LLC of Plano and its subsidiaries in partnership with Anand Gala, a 30 year restaurant industry veteran, and management, led by Michael Mabry.
The announcement comes as MOOYAH celebrates its tenth anniversary. The booming “better burger” brand entered several new states in 2016, while also expanding its presence in California, Texas, Florida and New York.
Under the terms of the acquisition, MOOYAH will no longer be part of Reach Restaurant Group. MOOYAH’S executive leadership team will remain in their roles and Michael Mabry, president and COO of MOOYAH, will lead the transition to new ownership from the company’s co-founders, Rich Hicks and Todd Istre.
“The past decade has been incredibly fulfilling, having grown MOOYAH from that first location to opening our 100th unit last summer. I am excited to see what the next decade has in store for MOOYAH,” said Hicks. “The team from Balmoral and Gala Capital are committed to excellence and see the true potential in a brand that has grown steadily for the last ten years. The company is gaining a partner who shares a vision of intelligent growth behind a solid franchisee foundation.”
MOOYAH’s new ownership groups bring more than three decades of restaurant industry experience. Gala has owned, developed and operated multiple franchise locations of brands such as Applebee’s, Jack in The Box, Seattle’s Best Coffee and Del Taco. Through an affiliate, he currently owns and operates the largest Famous Dave’s BBQ franchisee, and currently serves on the brand’s Board of Directors.
MOOYAH is franchisor of fast-casual “MOOYAH” branded restaurants offering fresh, customizable burgers, hand cut fries, and real ice cream milkshakes to customers worldwide. The company has 93 locations spanning 10 countries, including 73 stores in the U.S. and 20 international stores.
Led by Chairman Anand Gala and President Michael Mabry, MOOYAH will focus on expanding its base of experienced, entrepreneurially-minded franchisees while providing high quality food and service to its customers, according to the company.
“I’ve watched MOOYAH develop for years and am excited to be investing in its future,” said Gala. “The support provided by Balmoral and Mr. Gala provides us with resources to grow MOOYAH’s brand, footprint and service offering worldwide,” said Mabry.