Golub Capital backs Church’s Texas Chicken for next growth phase

Golub Capital Church’s Texas Chicken financing has added new capital to the San Antonio-based fast-food chain, according to PE Hub, with financial terms not disclosed. The investment is intended to support the brand’s next stage of growth at a business that operates more than 1,500 restaurants across the US and more than 25 international markets.

Church’s Texas Chicken, founded in 1952, has been owned by High Bluff Capital Partners and Future Standard since a 2021 acquisition, PE Hub reported. The latest transaction marks the second time Golub Capital has provided financing to Church’s since 2024.

Ryan Pitt, a principal at High Bluff Capital Partners, said the owners saw “70 years of equity” and “significant untapped potential” when they bought Church’s in 2021. He said the new capital would add support as the chain seeks to accelerate growth plans, while High Bluff remains committed to the business.

What is Golub Capital’s investment in Church’s Texas Chicken?

The transaction is an undisclosed investment by Golub Capital in Church’s Texas Chicken, with the proceeds earmarked for growth, according to PE Hub. Because the parties did not disclose terms, the size of the investment, pricing, maturity profile, and any ownership effect were not made public.

For a restaurant operator, outside financing can be used to fund development plans without requiring immediate public-market access. In this case, the stated use is to accelerate Church’s growth, while the company is also adding executive capacity for domestic expansion.

Alongside the financing, Church’s named Bobby Morena as chief development officer to lead its US expansion, PE Hub reported. The appointment links the capital raise with a more explicit domestic growth mandate at a chain that already has a sizable international footprint.

Key facts from the transaction

• Golub Capital made an investment in Church’s Texas Chicken, a San Antonio-based fast-food chain.
• No financial terms were disclosed.
• Church’s has more than 1,500 restaurants in the US and more than 25 international markets.
• High Bluff Capital Partners and Future Standard acquired Church’s in 2021, according to PE Hub.
• The deal is the second time Golub Capital has provided financing to Church’s since 2024.
• Bobby Morena was named chief development officer to lead US expansion.

The deal adds to activity in the consumer and restaurant sector, where private capital providers continue to finance established chains with national and international operations. For investors and operators, the lack of disclosed terms limits any assessment of valuation or leverage, but the stated purpose points to expansion rather than a sale or ownership change.

Church’s Texas Chicken remains a long-established brand in the quick-service restaurant market. The company’s next phase will be shaped by how it deploys the new financing, how the US expansion plan is executed under Morena, and how its owners use the additional backing from Golub Capital.

This story draws on original reporting from PE Hub.