Thompson Street Capital Partners has acquired Bubbakoo’s Burritos, a franchisor of Mexican fusion, fast-casual restaurants.
Bubbakoo’s is a U.S.-based fast-casual restaurant franchisor specializing in Mexican-fusion cuisine including burritos, tacos, and the “Chiwawa” – a panko-crusted fried rice ball topped with nacho cheese and protein options. Bubbakoo’s serves both dine-in and takeout customers, with a primary customer base comprising college students, families, and young professionals.
Bubbakoo’s was founded in 2008 by Bill Hart and Paul Altero and now operates over 130 franchised locations across 15 U.S. states, including New Jersey, Pennsylvania, Florida, and Illinois. Bubbakoo’s is headquartered on the Jersey Shore in Belmar, New Jersey.
“From our earliest days in New Jersey to now having more than 130 locations across the country, we’ve been incredibly proud to see our vision resonate with guests, franchisees, and communities,” said Mr. Hart. “Our growth has always been grounded in our commitment to food quality, hospitality and a culture that values individuality and innovation.”
“Bubbakoo’s has created an innovative and compelling brand that resonates with a broad and growing customer base,” said Bob Dunn, a managing partner at TSCP. “Bill and Paul have built something special—an exciting concept with strong franchisee relationships, consistent unit growth, and a passionate following. We are thrilled to partner with the team as they enter this next phase of expansion.”
The fast-casual restaurant sector is thriving, outpacing broader foodservice segments with a projected global market growth from $179 billion in 2024 to $319 billion by 2033, at a CAGR of 6.6%, and a U.S.-specific CAGR of 13.7% through 2029. Driven by consumer demand for customizable, flavorful options—42% of U.S. diners prefer fast-casual for lunch—and the rise of health-conscious and bold-flavored menus, brands like Chipotle and Cava report strong same-store sales growth (6% and 18% in Q3 2024, respectively).
For example, Denver-headquartered Qdoba Mexican Eats, a portfolio company of Butterfly Equity, is the leading franchisor in the Mexican fast casual space. The company was founded in 1995 and has grown to over 740 locations across the U.S. and Canada. Private equity firms are drawn to the fast-casual segment’s scalability, lower entry barriers, and high profit margins, with franchising models like Qdoba’s 77 new stores in 2025 fueling expansion and long-term growth potential.
“Thompson Street Capital Partners brings deep experience in scaling founder-led businesses and shares our passion for supporting franchisees and delivering great experiences to customers,” added Mr. Altero. “With their support, we’re confident Bubbakoo’s can accelerate its growth into new markets, invest in technology and infrastructure, and continue building a world-class franchise system.”
“We see tremendous opportunity to support Bubbakoo’s continued growth by investing in technology, brand development, infrastructure, and franchisee support systems,” said Joe St. Geme, a managing director at TSCP. “The company has built a strong foundation, and our team is eager to help accelerate growth while maintaining the culture and values that have made Bubbakoo’s a success.”
Thompson Street Capital Partners is a St. Louis-based firm that makes equity investments of $50 million to $250 million in companies with EBITDA between $5 million and $50 million. Sectors of interest include healthcare and life science services, software and technology services, and business and consumer products and services. Founded in 2000, the firm has acquired over 150 companies and has assets under management of over $4.8 billion.
© 2025 Private Equity Professional | June 20, 2025
