Brentwood Associates Acquires No Limits

Brentwood Associates Acquires No Limits

K-MAC Holdings, a portfolio company of Brentwood Associates, has acquired No Limits, a Taco Bell franchisee that owns and operates 25 Taco Bell restaurants, from Rafe Montgomery who has owned a controlling interest in No Limits since 1999.

K-MAC Holdings currently operates 231 YUM! branded restaurants in the Taco Bell and KFC systems, and 6 Golden Corral restaurants. The company has a regional concentration in the South Central region of the U.S., with restaurants located in Arkansas, Indiana, Illinois, Missouri, Oklahoma, Tennessee and Texas. K-MAC Holdings was founded in 1964 and is headquartered in Fort Smith, AK (no website found).

No Limits was advised by Auspex Capital, a financial advisory and boutique investment banking firm that specializes in the restaurant industry. The firm is based in Long Beach, CA (

“This acquisition allows K-MAC to extend its reach and propel its growth,” said Brentwood Associates Managing Director Rahul Aggarwal.

Brentwood Associates is a consumer-focused private equity investment firm. Sectors of interest include branded consumer products; consumer and business services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. The firm was founded in 1972 and is based in Los Angeles, CA (

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-25-12

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