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Guzman y Gomez

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Guzman y Gomez
Company typePublic company
ASX: GYG
Industry
Founded2006
HeadquartersSurry Hills, New South Wales, Australia
Number of locations
210 restaurants (2024)
Area served
Key people
  • Steven Marks (Founder)
  • Robert Hazan (Co-Founder, NED)
  • Guy Russo (Chairman)
ProductsMexican food
AU$–2.2 million (2023)
Websitewww.guzmanygomez.com.au

Guzman y Gomez (GYG; /ɡʊz.ˈmɑːn.iː.ɡoʊ.ˈmɛz/)[1] is a Mexican-themed casual fast food restaurant chain based in Australia. The restaurant serve coffee through the “Cafe Hola” brand which operates during the morning.

Guzman y Gomez was established in Sydney in 2006 by Steven Marks and Robert Hazan. It operates over 200 restaurants in Australia, Japan, Singapore and the United States.

As of 2021, Guzman y Gomez is the ninth-most popular fast food restaurant in Australia.[2]

Restaurants

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In Australia, Guzman y Gomez had 185 restaurants in operation as of May 2024.[3] The business operates internationally with 25 locations in Singapore, Japan, and the United States.[3]

History

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Guzman y Gomez was established by Steven Marks, a New Yorker who previously worked as a hedge fund manager. After relocating to Australia, he found the quality of Mexican food to be poor and decided to start a restaurant.[4] He has stated that "real Mexican is really urban, street and hot [...] Latin people are so full of energy and full of life, we wanted to bring that to Australia".[5] He took on his friend Robert Hazan, another New Yorker, as a partner. They named the business after two of Marks' childhood friends.[6]

The first store was opened in King Street, Newtown, Sydney, in 2006.[7][4] Store openings in Bondi Junction and Kings Cross, followed within a year.[8] By April 2012, there were 12 stores.[5] The first Guzman y Gomez in the Melbourne central business district opened in November 2012.[9] Within 12 years, they opened 100 stores in Australia.[10]

Guzman y Gomez restaurant in the Jingūmae district of Tokyo

The first international Guzman y Gomez restaurant opened at the end of 2013 in Singapore,[11] followed thereafter by the opening of a restaurant in Tokyo, Japan in April 2015.[12] In January 2020, Guzman y Gomez's international expansion continued with the opening of their first restaurant in the United States in the Chicago suburb of Naperville.[13][14]

Ownership and finance

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Marks and Hazan initially supported GYG with their own money. In 2009, they sold a minority stake to Peter Ritchie, Guy Russo and Steve Jermyn, who had previously been involved with McDonald's Australia.[4] Russo was subsequently appointed chairman of the board.[6] The board also includes co-founder Robert Hazan, 3 former McDonalds executives, Tom Cowan of TDM Growth Partners,[15] and Rokt CEO Bruce Buchanan.[16]

Investment firm TDM Growth Partners bought a stake in the company for $44 million in August 2018.[4] In December 2020, the publicly listed Magellan Financial Group bought 10% of the company for $86.8 million.[17] In May 2022, Magellan sold its 11.6% stake in the company to an entity owned by investment bank Barrenjoey Capital Partners for $140 million.[18]

Marks stated in 2019 that his goal was to list GYG on the Australian Securities Exchange.[4] In 2020, he stated that he was also ambitious to expand the company's presence in the United States, citing Australia's "antiquated" labour laws, high rents, and expensive fresh produce.[6]

In May 2023, Marks resigned as CEO due to a health scare.[19] However, he changed his mind and remained as CEO.[20] Hilton Brett was appointed co-CEO in October 2023.[21] GYG was listed on the Australian Securities Exchange on 20 June 2024.[22][23]

See also

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References

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  1. ^ About Us: The Fun Stuff. Guzman y Gomez. 22 November 2011. Retrieved 12 October 2019 – via YouTube.
  2. ^ "McDonald's, KFC, Hungry Jack's & Domino's Pizza are Australia's favorite restaurants - Roy Morgan Research".
  3. ^ a b Jeffrey, Daniel (31 May 2024). "Aussie fast food chain announces $2.2 billion transformation". www.9news.com.au. Retrieved 3 June 2024.
  4. ^ a b c d e Gillezeau, Natasha (15 October 2019). "From Wall St finance bro to burrito king". Australian Financial Review. Retrieved 1 April 2021.
  5. ^ a b Mason, Max (9 April 2012). "From Wall Street, he rode in on a Mexican wave". Sydney Morning Herald. Archived from the original on 24 July 2014.
  6. ^ a b c Waters, Cara (22 February 2020). "'Build the next McDonald's': Guzman y Gomez heads to the US on way to IPO". Sydney Morning Herald. Retrieved 2 April 2021.
  7. ^ Chung, Frank (8 April 2016). "McDonald's, Guzman y Gomez and Domino's smash fast-food rankings, Pizza Hut in crisis". News.com.au. Archived from the original on 8 April 2016.
  8. ^ Butterworth, Monique (13 November 2007). "Mexican wave". Sydney Morning Herald. Archived from the original on 23 November 2015. Retrieved 4 August 2019.
  9. ^ Vedelago, Chris (21 November 2012). "Mexican chain finds city home". Sydney Morning Herald. Archived from the original on 22 November 2012.
  10. ^ Bennett, Lindsay (6 April 2018). "How Guzman Y Gomez took on McDonald's without marketing". AdNews. Retrieved 6 April 2018.
  11. ^ Kitney, Damon (11 August 2014). "McDonald's old boys beef up the burritoa". The Australian.
  12. ^ St. Michel, Patrick (24 April 2015). "The Taco Bell is ringing, but will Tokyo come to the party?". The Japan Times.
  13. ^ "Guzman Y Gomez is coming to Naperville". Guzman y Gomez. Retrieved 17 January 2020.
  14. ^ Wilson, Marie (14 January 2020). "Naperville is getting the nation's first Australian Mexican restaurant". Arlington Heights Daily Herald.
  15. ^ "The rise of Guzman y Gomez: the making of a global brand". Business News. 1 April 2021. Retrieved 26 July 2022.
  16. ^ "Why Rokt and its biggest investor are pushing ahead with a 2023 IPO". Australian Financial Review. 30 May 2022. Retrieved 26 July 2022.
  17. ^ "Magellan pays up for Guzman y Gomez". Australian Financial Review. 22 December 2020. Retrieved 1 April 2021.
  18. ^ "Magellan sells Guzman y Gomez stake to Barrenjoey unit for $140m". Australian Financial Review. 9 May 2020. Retrieved 9 May 2022.
  19. ^ Thompson, Sarah; Sood, Kanika; Rapaport, Emma (7 May 2023). "On ya Marks! Guzman y Gomez boss resigns". Australian Financial Review. Retrieved 19 December 2023.
  20. ^ Riordan, Primrose (8 December 2023). "Guzman y Gomez appoints Kmart and Target executive as new CFO". Australian Financial Review. Retrieved 19 December 2023.
  21. ^ Ignacio, Celene (8 October 2023). "Guzman Y Gomez appoints Hilton Brett as co-CEO". Inside Retail Australia. Retrieved 19 December 2023.
  22. ^ Huge milestone: Guzman y Gomez flags $2.2b IPO Australian Financial Review 31 May 2024
  23. ^ Mexican fast-food chain Guzman Y Gomez listing today, ASX down slightly, super funds on track for strong returns ABC News 20 June 2024
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