CHEVYS FRESH MEX Steps Up Expansion; Acquires Rio Bravo Cantina.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 10, 1999-- The Acquisition of Rio Bravo Cantina The Rio Bravo concept began in Atlanta, Georgia, United States, the first restaurant opening in the Buckhead section of Atlanta in May 1985. The concept was created by Ray Shoenbaum in conjunction with Innovative Restaurant Concepts Inc (or IRC). Makes San Francisco-Based Chevys a Leading Independent Mexican Restaurant Operator Chevys, Inc. announced today it has acquired the Rio Bravo Cantina concept from Applebee's International, Inc. The acquisition of Rio Bravo Cantina's 66 restaurants, primarily located in the Midwest, Southeast and Northeast, brings CHEVYS FRESH MEX Chevys Fresh Mex is a chain of casual dining restaurants serving Mexican-inspired cuisine. History The chain was founded in 1986 by Warren Simmons, Sr. and Warren "Scooter" Simmons, Jr., when they opened their first restaurant in Alameda, California. (R)'s restaurant count to 160 units. The acquisition of Rio Bravo Cantina includes 40 company-owned units and 26 franchise-owned units, making CHEVYS FRESH MEX(R) a leading independent Mexican restaurant operator. In making the announcement, Scott Bergren, president and chief executive officer of Chevys, Inc., said, "This is the deal we've been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. . It strengthens our presence in key Southeastern markets." The San Francisco-based Chevys, Inc. is owned by its management in conjunction with financial partners J.W. Childs in Boston, MA. The privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. has been expanding its CHEVYS FRESH MEX(R) restaurants through acquisitions, franchising and company-owned units for the past several years. There are 94 CHEVYS FRESH MEX(R) restaurants, including 16 franchise units. "The Rio Bravo concept has been a strong competitor in the Southeast. We believe that with our expertise in FRESH MEX Fresh Mex is a term for a a type of American food which offers food products influenced by the cuisines of Mexico. Often, Fresh Mex restaurants offer versions of the San Francisco Burrito. (R), we can take Rio Bravo to the next level in the Mexican segment." Bergren went on to say, "Rio Bravo has many talented employees and franchisees. We intend to welcome them into the CHEVYS family with open arms." Chevys, Inc., headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , operates 94 CHEVYS FRESH MEX(R) restaurants and 8 FUZIO Universal Pasta(TM) restaurants. Chevys, Inc., originated and owns its trademark FRESH MEX(R). |
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