Elite Restaurant Group, the owner of Slater’s 50/50 and Daphne’s, is adding deep-dish pizza to its fast-growing portfolio by purchasing the 17-unit Patxi’s Pizza from private-equity firm KarpReilly LLC.
“When the deal is complete, Elite’s portfolio will increase to 50 restaurants with total revenue of about $100 million,” says Mike Nakhleh, president of Elite Restaurant Group (which is based in Los Angeles).
More than two years ago, Elite began its buying spree with the purchase of the bacon-centric burger brand, Slater’s 50/50 in Southern California. In April, Elite agreed to purchase Daphne’s California Greek.
A majority of Patxi’s full service restaurants are in California. The brand also has locations in Seattle and Colorado.
Elite Restaurant Group plans to open Patxi’s up to franchising, with the goal of rolling out 10 new stores a year. Older locations will be remodeled and Elite plans to revamp the chain’s menu and design.
