Border Foods acquires additional Taco Bell restaurants

NEW YORK, December 16, 1997 - Border Foods, Inc., a Sentinel Capital Partners portfolio company, today announced the acquisition of additional Taco Bell restaurants in Minnesota and Wisconsin. Border Foods owns and operates all the Taco Bell restaurants in Minnesota and has exclusive rights to develop the Taco Bell brand in that state. Sentinel is the only U.S. private equity firm to have been granted such exclusive development rights.

Border Foods originally acquired its restaurants from Taco Bell Corporation, a franchisor formerly owned by Pepsico, Inc. and now a subsidiary of Tricon Global Restaurants.

Tricon owns one of the largest worldwide Quick Service Restaurant (QSR) operations, including Taco Bell, Pizza Hut, and KFC. Taco Bell, with $6.0 billion in system-wide revenues and more than 5,700 restaurants, is the largest Mexican food QSR operation in the United States and the fourth largest QSR operation nationwide. The Taco Bell franchising system has a 70% share of the Mexican food QSR market, both nationwide and in Minnesota.