Carlsbad-based Rubio’s acquired by investment firm
Carlsbad-based fast-food restaurant chain Rubio’s Restaurants is being acquired by a Connecticut-based investment firm, it was announced Monday.
Mill Road Capital L.P. will acquire all of the outstanding shares of Rubio’s for $8.70 per share in a cash merger transaction valued at about $91 million, according to the restaurant chain.
The merger was unanimously approved by Rubio’s board of directors but is still subject to stockholder and regulatory approval. Rubio’s executives said they expect the transaction to close during the third quarter of this year.
Rubios operates 195 restaurants in California, Arizona, Colorado, Utah and Nevada. The Baja-inspired restaurant chain was founded in 1983 with the opening of a location in Mission Bay by Ralph Rubio and his father, Ray Rubio.
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