Investor Group to Take Control of Baja Fresh

Fresh Enterprises Inc., the Westlake Village-based parent of Mexican fast-food chain Baja Fresh, said Wednesday it has sold controlling interest in the company to a group of investors who plan to step up expansion of the fast-growing restaurant. Terms of the deal were not disclosed.

Baja Fresh, which opened its first store in Newbury Park in 1990, has 48 outlets nationwide, primarily in Southern California, Nevada and Arizona.

“I am very excited to be turning over the reins of my company to this experienced group of executives and investors,” said Baja founder Jim Magglos. “This recapitalization will allow Baja Fresh to benefit from their significant expertise and to provide for a substantial capital base from which Baja can further its growth in Southern California and beyond.”

The consortium of buyers is headed by restaurant industry veterans Greg Dollarhyde, who becomes Baja’s president and chief executive, and Pete Siracusa, who becomes chairman. Both worked for the Rusty Pelican restaurant chain, which Siracusa founded. A private equity investment group led by Catterton Partners of Connecticut was also involved in the deal.

Magglos will retain a seat on the board and a significant interest in Baja. He will also be involved in the company’s concept and franchise development, Dollarhyde said.

“This deal will allow Baja to grow quickly,” Dollarhyde said, adding that the company will look at expanding into Northern California, where it currently has only one store. Other possible expansion sites are Las Vegas and Phoenix as well as elsewhere in Southern California.

Baja Fresh relies on its fresh, made-to-order food that includes standard Mexican fare of tacos, burritos and tortas. In addition each restaurant, with its typically bright white and black interior, offers a fresh salsa bar. Dollarhyde said the new owners have no plans to change the menu or look of the chain.