On The Boundary Mexican Grill & & Cantina using Facebook
Houston-based Pappas Restaurants is close to including an additional Tex-Mex chain to its profile after winning an insolvency public auction today to acquire On The Boundary Mexican Grill & Cantina.
Pappasito’s Cantina is just one of numerous dining establishments run by Pappas, which additionally possesses dining establishments such as Pappadeaux Fish And Shellfish Cooking Area, Pappas Bros. Steakhouse and Pappas Bar-B-Q. The business has actually opened up greater than 100 dining establishments in all and runs in Texas and 7 various other united state states.
Federal insolvency court files reveal an associate of Pappas, OTB Friendliness LLC, was the dominating prospective buyer to acquire On The Boundary, which is headquartered in the Dallas location and applied for phase 11 insolvency in March in Atlanta, Georgia. On The Boundary opened up in 1982 and runs a total amount of 80 areas in the USA and globally, yet does not have any kind of dining establishments in the Houston location.
” On The Boundary has actually constantly stood apart for its power and strong tastes– it’s a brand name we have actually understood and appreciated for many years,” Pappas co-owner Chris Pappas stated in a Wednesday press release.” This offers us the possibility to bring our interest for Tex-Mex to a lot more visitors, and we’re delighted to improve what makes both brand names unique. “
The acquisition goes through court authorization, with a sale hearing set up for Might 16 in Atlanta, Georgia. Salud Brands LLC was picked as the back-up prospective buyer after Tuesday’s public auction.
If its acquisition is accepted and wrapped up, it stays to be seen whether Pappas would certainly increase On The Boundary to the Houston location. When asked Thursday concerning that opportunity, a Pappas rep stated, “As we start this following phase, we’re requiring time to guarantee we’re supplying the very best feasible experience for our visitors. This will certainly be a procedure, and we wish to obtain it right.”
In its press release concerning sending the winning quote, Pappas stated it prepares to” use its tested functional version” and “enhance and improve On The Boundary areas.”
Pappas placed itself to get On The Boundary prior to the last business applied for insolvency in very early March. An additional Pappas associate, OTB Lending institution LLC, gave millions in funding to On The Boundary to assist cover expenses connected with the insolvency declaring, court documents reveal.
Pappas additionally was the stalking-horse prospective buyer in the insolvency situation, indicating it gave the preliminary quote for acquiring On The Boundary’s possessions.
” We’re delighted to invite On The Boundary to the Pappas household,” Pappas Restaurants chief executive officer Mike Rizzo stated in the Wednesday press release.” On The Boundary is a brand name with deep heritage and dedicated visitors, and we see incredible chance to buy its future. Our shared Texas origins and interest for friendliness make this an all-natural fit.”
