HNH has advised on the acquisition of Boojum, Ireland’s largest chain of Mexican fast-casual restaurants. The business has been acquired by MBI-team David and Andrew Maxwell and Renatus Capital Partners. Acquisition debt and working capital has been provided by First Trust Bank.
Boojum was founded in 2007 in Belfast by John and Karen Blisard. It has grown to become the leading burrito brand in Ireland, with restaurants in Belfast, Dublin and Galway. Boojum serves award-winning burritos, tacos, salads and rice bowls to thousands of customers every day.
Craig Holmes and Matt McCullough of HNH Group initiated the deal and introduced David and Andrew Maxwell to the opportunity. McCullough, who played rugby at Ulster with Andrew Maxwell, said “Knowing the Maxwells, who are high quality operators with a passion for Mexican food, we felt they would be capable of maintaining everything that is good about the Boojum brand, whilst moving the business forward. These aspects were key to making this deal happen.”
HNH Managing Director, Craig Holmes stated: “HNH was delighted to work with a quality MBI team and pleased to attract a quality Private Equity investor in Renatus Capital to support both the acquisition of the business and the Company’s future growth ambitions.”
“Boojum is a strong brand in the Irish fast casual food market and we believe it is poised for further growth under the new management. HNH is working with companies in different sectors to attract Private Equity for growth or realisation, and that bodes well for the Northern Ireland economy.”
The purchase of Boojum is the culmination of a combined 30 years in the UK and US restaurant industry for the Maxwell brothers. David Maxwell stated “I was privileged to spend 11 unbelievable years as part of my career running restaurants in Arizona, where I fell in love with Mexican food and culture. Andrew joined me in 2008 after a successful career at Ulster Rugby.”
“The management and crew at Boojum provide exceptional service which has been pivotal to the success of the business. Our aim, in partnership with Renatus, is to preserve that success and build on it as part of our ambitious expansion plans. We expect to create many new jobs as we bring the Boojum experience to new communities.”
Mark Flood, who co-founded Renatus with Brendan Traynor said, “We are very excited that Boojum is our first acquisition. Boojum has the best Mexican food offering in Ireland. It is a unique and energetic brand. The Maxwell brothers and the existing management will combine to make a first-class team to run the company. We are looking forward to becoming part of the Boojum success story and helping to grow the business.”