Boloco burrito chain gets $10M boost of financing

BOSTON Private-equity firm Winona Capital Management has invested $10 million in Stellar Restaurant Group’s 13-unit Boloco fast-casual burrito concept.

The money, executives said, will be used primarily to fund expansion of the Boston-based chain, which specializes in burritos, wraps and smoothies.

Founded in 1997 and originally named The Wrap by partners John Pepper, Adam Liebman, Jason Hutchinson and Gregg Harris, the chain was rechristened Boloco in October 2005.

Boloco is a member of the Green Restaurant Association and has an emphasis on environmentally friendly practices, including energy-efficient lighting and countertops made from recycled paper, the chain said. Boloco also serves beef and pork from animals raised with no hormones or antibiotics. It switched to serving cage-free eggs in its breakfast items, according to the Humane Society.

Winona managing director Laird Koldyke said the infusion of capital would allow the Boloco brand to establish a national presence.