QDOBA Restaurant announced the closing of a $435 million whole business securitization, consisting of $360 million in Senior Notes and a $75 million Variable Funding Note through Qdoba Funding LLC. The transaction is designed to refinance existing debt, lower the company’s cost of capital, and provide additional liquidity to support future growth initiatives.
The financing follows Butterfly Equity’s $527 million continuation fund raised in 2025 and highlights continued investor confidence in QDOBA’s long-term growth plans. The proceeds will primarily be used to refinance existing debt while enhancing the company’s liquidity position.
QDOBA said the additional capital will support investments across its restaurant network, including store remodels, digital make-lines, and technology initiatives aimed at improving operations and guest experiences.
Under the leadership of CEO John Cywinski, the company has established a long-term goal of doubling its footprint to approximately 2,000 restaurants. QDOBA currently has more than 650 new restaurant commitments and continues to attract interest from franchise operators seeking expansion opportunities.
Butterfly Equity, which owns QDOBA, said the transaction provides the company with additional flexibility to accelerate its growth strategy and build on recent momentum.
Barclays Capital acted as sole structuring advisor and sole bookrunner for the transaction. Kirkland & Ellis served as special counsel to QDOBA, while King & Spalding served as special counsel to Barclays.
Founded as a fast-casual Mexican restaurant brand, QDOBA operates 860 locations across 45 U.S. states, as well as Canada, Puerto Rico, Japan, and South Korea. The company is known for its customizable menu offerings, including burritos, bowls, tacos, quesadillas, nachos, and salads, along with its signature queso and guacamole options.
QDOBA has also received industry recognition, including ranking among the top fast-casual restaurant brands in the USA TODAY 10 Best Readers’Choice Awards for seven consecutive years and being named one of Yelp’s Most Loved Airport Brands.
KEY QUOTES:
“This transaction reflects the transformative growth QDOBA has experienced since its 2023 inaugural issuance. It positions us to invest with confidence as we scale in the most attractive category in the restaurant industry.”
John Cywinski, CEO, QDOBA
“QDOBA has built tremendous momentum, supported by a differentiated brand, scalable franchise model, and the hard work of John and the entire QDOBA team. This transaction marks an exciting milestone for the business and provides additional flexibility to accelerate QDOBA’s next phase of growth.”
Francesco D’Arcangelo, Managing Director, Butterfly Equity
