This week's top story was fast-casual restaurant chain Velvet Taco has been sold to private equity firm Leonard Green & Partners L.P., former majority owner L Catterton, another private equity firm.
Both L Catterton and founding company FB Society, formerly Front Burner Restaurants, will retain “significant minority ownership stakes in the business,” L Catterton said in a release announcing the sale.
In other news, another regional restaurant chain is making headlines for employee attempts to unionize: W. Va.-based Tudor’s Biscuit World, with approximately 90 locations, is pushing back on a group of employees from one store in Elkview, W. Va. that is demanding to be recognized as a union.
The group of restaurant workers is working with United Food & Commercial Workers Local 400 (a regional union representing retail, food, healthcare and food processing workers) and has just filed for a union election with the National Labor Relations Board, according to local news reports.
See which other stories were trending on NRN.com this week.