News

Velvet Taco receives growth investment, launches CEO search

September 6, 2016

Dallas-based Velvet Taco has received a significant strategic growth investment from L Catterton, the largest consumer-focused private equity firm in the world, according to a company press release. Terms of the investment were not disclosed.

"Velvet Taco is disrupting the idea of the taco shop, with an inspired response to consumers' increasing desire for premium quality and a fun, authentic dining experience," said Randy DeWitt, CEO of Front Burner, a progressive restaurant conception and operations company specializing in high-quality, innovative spaces, and founder of Velvet Taco. "L Catterton has unparalleled experience building great brands in the fast casual restaurant space and a deep understanding of consumer trends.

"They have a keen instinct for what the consumer wants, and I'm confident that L Catterton will be an incredibly valuable partner as Velvet Taco continues to grow and attract more converts to the taco revolution."   

Jon Owsley, managing Partner of L Catterton's Growth Fund, said Velvet Taco has created a unique culinary experience — a diverse, adaptable menu of fine dining-quality food with a lively atmosphere that guests can enjoy from breakfast to late night.

"With a distinctly broad appeal that takes the taco past Tex-Mex, Velvet Taco has developed a cult-like following across the country and is poised for significant growth in the coming years," he said.  "We see a tremendous opportunity to capitalize on Velvet Taco's innovative, food-forward approach to fast casual dining and expand its presence in new and existing markets. We look forward to partnering with the Velvet Taco and Front Burner teams, and believe this differentiated brand has an exciting future ahead."

Concurrent with the investment, Dewitt and the company have initiated a search process for the next CEO of Velvet Taco, so Dewitt may maintain his role as CEO of Front Burner. Following the appointment of a new CEO, Velvet Taco will continue to benefit from the support and involvement of DeWitt and the Front Burner team, according to the release.

Founded in Dallas in 2011, Velvet Taco has grown with locations now in Fort Worth, Houston and Chicago and will open in Austin this winter.