The Wingstop franchisee Far West Services has received a “significant” investment for growth.
The investment firms Brentwood Associates and Sixth Street have made a “significant growth investment” in Far West Services, in partnership with the franchise group’s existing management, the companies announced Tuesday.
Based in Costa Mesa, Calif., Far West was founded in 2003 and now operates more than 100 Wingstop restaurants in California, Nevada, Washington, Colorado and Utah.
Jorge Ortiz, Far West’s CEO and president, will continue to lead the franchise group. Founder and Brand Ambassador Danny Sonenshine will remain chairman and there were no other changes to the management team.
“We are excited to partner with Brentwood and Sixth Street,” said Ortiz in a statement. “They both have an in-depth understanding of our business, and we look forward to the experience, strategic input and value-added resources that they bring to the table as we continue to execute on our growth ahead.”
Rahul Aggarwal, partner at Brentwood Associates, said Far West would be a great fit in the firm’s portfolio as a high-growth business. Brentwood has a long history of investing in restaurant chains, and includes in its portfolio Blaze Pizza, Chicken Salad Chick, Hissho Sushi, Lazy Dog, Snooze, Upward Projects (Postino) and Pacific Catch.
Sixth Street, meanwhile, is an investor in companies like AirBnB, Spotify and other deals involving sports teams like Real Madrid, FC Barcelona, Bay FC and the San Antonio Spurs.
Wingstop last week reported same-store sales up 15.3% for the Sept. 30-ended third quarter, driven almost entirely by transactions. The fast-casual chicken chain ended the quarter with 2,099 units, including 1,837 in the U.S., and Wingstop officials have a goal of tripling in size, reaching 7,000 units globally, including about 4,000 domestic.
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