Abu Dhabi sovereign wealth fund Mubadala has acquired K-Mac Holdings, one of the largest US-based franchises of fast food outlet Taco Bell.
The business was bought by Mubadala Capital, the wealth fund’s financial investment arm, from private equity firm Lee Equity Partners Opportunities Fund, according to a Bloomberg report.
The same report estimated that Mubadala has spent around $1.8 billion on the food and beverage sector since 2014.
No financial details of the Taco Bell transaction were disclosed.
The deal follows the close in August of Mubadala’s third private equity fund which raised $1.6 billion in capital. One of the fund’s recent investments was in US-based food processor Peterson Farms.
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