Green Burrito Chain’s Parent Offers Stock Sale

GB Foods Inc., owner and operator of the Green Burrito fast-food restaurants, plans to raise up to $3.9 million with an initial offering of stock to the public, according to the company’s filing Friday with the Securities and Exchange Commission.

Proceeds from the sale will be used to expand the 41-restaurant Mexican-food chain, to relocate and expand the company’s main commissary, reduce debts and for general working capital, the filing stated.

GB Foods, based in Irvine, said it will offer 1.2 million common shares for about $3.25 each. The company said it has applied to have its stock listed on the National Assn. of Securities Dealers Automated Quotation system and the Boston Stock Exchange under the symbol GBFC.

Green Burrito was started by Ruben Rodriguez, who opened his first restaurant in Hawaiian Gardens in 1980. The restaurants feature a Mexican cuisine based on Puerto Rican recipes.

Superior Ventures Corp., a venture capital group in Downey, paid $700,000 for a 40% interest in Green Burrito in 1986 and began a program of expansion in Southern California.