A unit of Abu Dhabi’s Mubadala Investment Co. acquired one of the largest Taco Bell Corp. franchisees in the U.S., underscoring the $243 billion sovereign wealth fund’s growing appetite for private equity deals.
Mubadala Capital, the fund’s asset management arm, bought K-Mac Holdings Corp. from Lee Equity Partners Opportunities Fund, according to a statement on Thursday. Financial terms weren’t disclosed. K-Mac operates some 300 fast-food Taco Bell outlets that are primarily located in the country’s Midwest and South.
