Rubio’s Restaurants, Inc.

Hilco Corporate Finance Announces Sale of Rubio’s Restaurants, Inc.

Hilco Corporate Finance (HCF) is pleased to announce the sale of Rubio’s Restaurants, Inc. to TREW Capital Management as part of a chapter 11 section 363 process.

Rubio’s Restaurants, Inc., founded in 1983 and headquartered in Carlsbad, CA, is a leading owner and operator of Mexican-inspired fast-casual restaurants, renowned for its iconic Original Fish Taco®. Its menu centers around sustainably sourced seafood, along with chicken, steak, and other made-to-order items. With approximately 80 locations throughout California, Arizona, and Nevada, Rubio’s has been publicly recognized over its 40-year history as a leader in the Mexican fast-casual restaurant sector across the Southwest.

Following an initial recovery after its October 2020 bankruptcy, Rubio’s continued to face additional macroeconomic headwinds, including rising prime costs due to inflationary pressures, reduced traffic, unfavorable leases, and labor cost inflation caused by increases in California’s minimum wage and a tight labor market. Rubio’s engaged HCF in November 2023 to execute a sale process aimed at maximizing the value of the enterprise.

Following its engagement, HCF promptly ran a wide marketing process, contacting over 350 parties. Rubio’s filed for bankruptcy protection on June 5, 2024, to facilitate a section 363 sale process. The business was ultimately sold to TREW Capital Management for $40 million.

HCF, a boutique investment banking advisor affiliated with Hilco Global, provides unmatched creativity and relentless support to its clients. HCF’s seasoned team of professionals specializes in comprehensive advisory services to private and public companies, private equity groups, family offices, and entrepreneurs. Hilco Global is a diversified financial services company with 20+ highly specialized business units and over 800 professionals across five continents globally.

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Securities Transaction Services are provided by Hilco Corporate Finance, LLC, a registered broker-dealer and member of FINRA/SIPC.