DALLAS The 15-unit El Fenix restaurant chain, founded here by the Martinez family almost 90 years ago, has been sold to a newly formed company called Firebird Restaurant Group LLC.
Terms of the sale, which was completed May 30, were not disclosed.
Firebird Restaurant Group, also based here, was formed exclusively for the El Fenix deal by Mike Karns of Karns Commercial Real Estate. Karns will serve as chairman and chief executive and oversee business strategy at the newly formed company. He has partnered with Wyatt Hurt, formerly vice president of operations with CiCi’s Pizza, who serves as Firebird's president, and Greg Cook, who is chief financial officer. Financing was provided by Capital One N.A. and other investors.
"Although El Fenix is changing hands, the nature of this partnership ensures that the operations are remaining the same," Karns said. "Several members of the Martinez family will remain on board as an integral part of the management team."
Those family members include John Michael McBride Sr., the grandson of El Fenix founder Mike Martinez, who has worked with the company for 47 years and will be a board adviser; John McBride Jr. as chief operating officer; and Robert Martinez as vice president of finance.
"El Fenix is a Dallas institution and an iconic brand," Karns said. "We look forward to being good stewards of this quality restaurant tradition by working closely with the Martinez family management team to provide the same great food served by the same great people."
John McBride Jr. said the sale "gives the older members of the family an opportunity to retire, while stimulating growth and expansion for the El Fenix brand."
Restaurant founder Mike Martinez emigrated from Mexico to the United States in the early 1900s and got a job washing dishes at a hotel in Dallas. In 1918 he opened a small restaurant that eventually would grew into the El Fenix chain.