QDOBA Completes $435 Million Whole Business Securitization to Support Continued Momentum

Transaction refinances existing debt and provides additional liquidity for continued investment in store base, franchise development, and long‑term value creation.

LOS ANGELES--(BUSINESS WIRE)--QDOBA Restaurant Corporation (“QDOBA”), the second largest fast-casual Mexican restaurant brand and portfolio company of Butterfly Equity (“Butterfly”), today announced the closing of a $435 million whole business securitization, consisting of $360 million of Senior Notes and a $75 million Variable Funding Note, through Qdoba Funding LLC.

The transaction follows Butterfly’s $527 million continuation fund raised in 2025, underscoring continued investor confidence in QDOBA’s long‑term growth strategy and performance. Proceeds from the transaction will be used primarily to refinance existing debt at a reduced cost of capital and enhance overall liquidity. The additional liquidity will support continued investment in growth initiatives, including restaurant remodels, digital make‑lines, and other technology initiatives.

“This transaction reflects the transformative growth QDOBA has experienced since its 2023 inaugural issuance,” said John Cywinski, CEO of QDOBA. “It positions us to invest with confidence as we scale in the most attractive category in the restaurant industry.”

Under Cywinski, QDOBA has set a long‑term target of doubling in size to approximately 2,000 restaurants. The company currently has more than 650 new restaurant commitments and continues to attract strong interest from leading franchise operators.

“QDOBA has built tremendous momentum, supported by a differentiated brand, scalable franchise model, and the hard work of John and the entire QDOBA team,” said Francesco D’Arcangelo, Managing Director at Butterfly Equity. “This transaction marks an exciting milestone for the business and provides additional flexibility to accelerate QDOBA’s next phase of growth.”

Barclays Capital Inc. (“Barclays”) acted as sole structuring advisor and sole bookrunner, Kirkland & Ellis LLP served as special counsel to QDOBA, and King & Spalding LLP served as special counsel to Barclays.

About QDOBA
QDOBA is a fast-casual Mexican restaurant with 860 locations in 45 states across the U.S., as well as in Canada, Puerto Rico, Japan and South Korea. Committed to bringing flavor to people’s lives, QDOBA prepares fresh ingredients by hand in-house throughout the day and flame-grills its chicken and steak to create a variety of bold, flavorful menu options. Guests can experience delicious offerings at QDOBA by customizing their own burritos, bowls, tacos, quesadillas, nachos and salads to suit their personal tastes and cravings. Premium toppings can always be added to entrées, including free signature 3-cheese queso and hand-crafted guacamole on any create your own entrée (extra portions subject to charge).

For seven consecutive years, QDOBA has ranked among the top fast-casual restaurants in the USA TODAY 10 Best Readers’ Choice Awards – including six years at #1. QDOBA was also recently named one of Yelp’s Most Loved Airport Brands, a distinction based on extensive analysis of ratings and reviews from travelers.

Discover more at QDOBA.com or on the QDOBA app, which is available for download on the iTunes App Store or Google Play. Fans can also connect with QDOBA on Instagram, Facebook, X and TikTok.

About Butterfly
Butterfly is a Los Angeles, California-based private equity firm that invests exclusively in the $26 trillion food sector. Butterfly is a leading food ecosystem investor in North America and seeks to generate consistent investment returns through deep sector expertise, a data-driven investment process, and an operations-driven approach to value creation. Since its founding in 2016, the firm has invested in a diverse portfolio of category-leading businesses representing approximately $9 billion in enterprise value including The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands (a portfolio consistent of Health-Ade, Evolution Fresh, and Bolthouse Farms), Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture. To learn more, please visit https://www.bfly.com/.