Grupo Gigante La Casa de Toño acquisition uncertainty, Digi Mart USA News (Mexico): Grupo Gigante, operator of Toks and Shake Shack in Mexico, says the possible acquisition of the restaurant chain La Casa de Toño remains uncertain and may not be completed. The transaction has shown no significant progress since it was announced in July.
According to information the company shared with the Bolsa Mexicana de Valores (BMV) in its Third Quarter 2026 (3T26) Financial Report, no definitive or binding contracts have been signed between the parties for the possible acquisition. The group, linked to the Lozada family, also said no price or consideration has been agreed.
Bloomberg had previously valued the transaction at 400 million dollars. A company spokesperson said there is no certainty the operation will be completed, since no definitive or binding contracts have been signed and no price or consideration has been agreed.
The company reaffirmed that it constantly evaluates growth opportunities as part of its strategy, but clarified that this does not mean those opportunities will necessarily be completed.
On July 22, Grupo Gigante disclosed that it was analyzing a possible acquisition of the more than 70 restaurants La Casa de Toño operates in Mexico City, and that it had reportedly hired BBVA México as exclusive financial advisor. The company told investors it was participating, through its restaurant division, in an initial and preliminary evaluation of the possible acquisition.
According to sources cited by Bloomberg, the process contemplated a valuation above eight times the company’s adjusted earnings, a multiple nearly double that of companies such as Alsea and Arcos Dorados, two major restaurant operators in Latin America. Journalist Roberto Aguilar reported that half of the deal’s value would be paid with own resources, while the remaining roughly 200 million dollars would be covered through bank loans, although how that financing plan would be structured was never detailed.
Nearly a month after the announcement, Grupo Gigante moved to improve its debt profile and expand its capacity to take on new credit. Its real estate division subsidiaries signed a simple credit facility with interest of up to 3,500 million pesos with Banco Inbursa.
Of that amount, 3,141 million pesos would refinance existing credits with Inbursa, Banco Santander México and HSBC México, while the remaining 358.2 million pesos would be new debt for working capital and general corporate purposes.
Since then, the transaction has seen no significant updates and has drawn questions within the sector over its regulatory implications and the obstacles to consolidation. Businesswoman and politician Patricia Armendáriz commented in a LinkedIn post: “As an investor, I’ll say it strongly and clearly: when you buy a company, you’re not only paying for the brand, the lines at the door and the cash flow.
You buy every one of its contingencies.”
