The Madera Group, the West Hollywood, Calif.-based operator of Tocaya Organica and Toca Madera, on Wednesday said it has received a $20.85 million equity investment from investment firm Breakwater Management.
The investment will be used to fund the expansion of 10-unit Tocaya, a fast-casual organic Mexican concept, as well as the company’s other concepts, such as fine-dining Mexican concept Toca Madera and beach lounge concept Casa Madera, established in partnership with Caesars Entertainment.
The Madera Group wanted to bring on an institutional partner to fund its continued development and said the investment firm has provided strong support.
“Breakwater has been able to provide us valuable support given its experience in the sector coupled with its understanding of our brand, long-term goals and unique value proposition,” Madera Group CFO Mikey Tanha said in a statement.
Saif Mansour, managing partner with Breakwater, said Tocaya Organica and Toca Madera have “attractive unit economics and loyal customer followings.”
The Madera Group was founded in 2013, and the company expects rapid expansion next year. The group expects to open another 13 restaurants in the U.S. and internationally by the end of next year.
Breakwater provides flexible capital for lower- to middle-market companies.