STRATEGIC PARTNERS
April 4, 2019
The hospitality company behind Tocaya Organica, The Madera Group, has promoted Chief Financial Officer Mikey Tanha to president. As CFO, Tanha has overseen the rapid expansion of Tocaya from four to 12 units, more than doubling the company's revenues over the last year, according to a company press release. Under his leadership, The Madera Group also completed a $21 million private equity raise to help further Tocaya's geographic expansion, including its first out-of-state location that opened last year in Scottsdale, Arizona.
"Mikey has been integral to honing and executing our vision for growth," said CEO Tosh Berman, who is a co-founder of The Madera Group. "He is passionate about revolutionizing the fast-casual space with our elevated restaurant design and fresh, sustainable food. We look forward to what's to come under his leadership — both the continued growth in numbers and the further evolution of our brand."
Over the next year, the modern Mexican concept is projected to grow from 12 to 22 locations, and Tanha plans to again double annual revenues over the next year, in part by rolling out ancillary revenue sources such as catering and breakfast.
"I'm excited about what the future holds for Tocaya, and I'm thankful for the wonderful team that I get to work with on a day-to-day basis. We are building something very special," Tanha said in the release.
Tanha is also preparing Tocaya for a substantial institutional capital raise in 2019, which will support the company's 3-year growth plan.
Tocaya has opened Southern California locations in La Jolla, Westwood this year and is one week away from opening in Downtown Los Angeles. The concept is also gearing up to open in Del Mar, Toluca Lake and Long Beach, California, as well as at three units in Arizona.
To further grow Tocaya as a brand, The Madera Group has also hired Matt Smith as CMO to develop and implement all marketing operations including channel, content and advertising strategy, PR and reputation management, new store openings, and catering. Prior to joining The Madera Group, Matt served as a partner at Simmer Group, a New York City-based full-service creative agency focused on hospitality and fast-casual restaurants.
