Green Burrito Chain Finds a ‘Godfather’ : Restaurants: Pizza magnate William Thiesen will invest $3 million in the fast-food company.

GB Foods Corp., parent corporation of the Green Burrito chain of Mexican fast-food restaurants, said Monday that it has finalized an agreement with the founder of the Godfather’s Pizza chain to invest in Green Burrito.

William M. Theisen bought 1 million shares of GB’s common stock, or more than 20%, for $3.06 a share through a private-placement stock deal. He also has an option to purchase as many as 2 million additional shares for $5 each during the next five years.

He will be allowed to choose three-tenths of the board of directors. The current nine-member board, including two vacancies, may be expanded to 10 to accommodate the provision, said Robert V. Gibson, GB’s executive vice president.

The stock closed at $9, up 25 cents, in Monday’s trading on the NASDAQ market.

GB plans to use the $3-million investment to expand. In addition, Gibson said, the company hopes to tap Theisen’s expertise. Theisen founded Godfather’s Pizza in 1973 and served as its chairman while it expanded to 950 units. In 1983, it merged with the Chart House fine-dining chain and was eventually sold to Pillsbury.

“He is very well known in the field and respected,” Gibson said of Theisen. “He is going to be capable of getting us nationwide with his connections.”

GB operates 11 company-owned restaurants and 53 franchised locations. The chain’s formula is to offer Mexican food that is more authentic than is typical at fast-food establishments. To appeal to a broad audience, GB prepares its food a little less spicy than that at home-style eateries.