CultureMap

Dec 7, 2020

Former executive chef Michael Rypka launched Torchy’s in 2006 at food trailer on South First Street. Author: John Egan (CultureMap) Updated: 8:57 AM CST November 24, 2020 CULTUREMAP AUSTIN  - Fourteen years after it was born in a South Austin food trailer, Torchy’s Tacos has received a damn good investment: $400 million. The money from a group of investors led by private equity firm General Atlantic will pave the way for Torchy’s, which enjoys a cult-like following, to expand to another 10 states over the next four years. Austin-based Torchy’s, which promotes itself as a purveyor of “Damn Good Tacos,” currently operates 83 locations in seven states. Former executive chef Michael Rypka launched Torchy’s in 2006 at food trailer on South First Street. Aside from General Atlantic, the majority owner of Torchy’s, investors in this fresh $400 million round of funding are investment firm D1 Capital Partners, investment manager T. Rowe Price, and hedge funds Lone Pine Capital and XN. Rypka and all other members of the original ownership group also put money into this funding round, which would be enough money to buy roughly 75 million orders of Torchy’s chips and queso. New York City-based General Atlantic initially invested in Torchy’s in 2017. A year later, Torchy’s tapped G.J. Hart as CEO . Hart previously was CEO of the California Pizza Kitchen and Texas Roadhouse restaurant chains. He joined the board of Red Robin Gourmet Burgers in 2019. In a November 20 release , Hart says that with General Atlantic being joined by four new investors, “we feel that we have assembled a premier ownership group that will allow us to accelerate our growth and write the next chapter in Torchy’s history.” Related Articles