Expansion efforts of late have kept Chief Financial Officer Ned Algeo and his fellow executives at Xperience Restaurant Group (XRG) busy firing on all cylinders.
The Cypress-based restaurant operator opened six restaurants over the past year including locations in Las Vegas, Orlando and Chicago while also establishing a new market.
The first opening of last year, the Irvine location of Sol Mexican Cocina, has been “a resounding success” with many regulars coming through from both the residential and commercial spaces, Algeo told the Business Journal.
“Our customer experience [is] of utmost importance to us, which gives us sustainability and the ability to thrive,” Algeo told the Business Journal.
XRG now operates 72 spots across 11 brands total, which includes El Torito, Laguna Beach’s Las Brisas, Sol Cocina and Solita Tacos & Margaritas.
After helping the company surpass $180 million in sales since 2019, restructuring its restaurant portfolio and keeping all locations open during the pandemic, Algeo was named Outstanding CFO of a Private Company at the Business Journal’s 15th annual CFO of the Year Awards last May.
“I’ve gotten more appreciative of the place I’m at and the industry I’m in,” he said.
The operator expanded into the Texas market last month, with Algeo helping lead the acquisition of two new dining concepts from Texas-based RM Restaurant Group: the four-location Rio Mambo Tex Mex y Mas and two-location The Rim.
Xperience plans to grow both concepts in their home state and expand in adjacent markets such as Oklahoma.
The firm aims to reach 100 locations total in the next few years through similar large-scale acquisitions.
The Texas deal also marks the first non-Mexican focused restaurant for Xperience’s portfolio. The Rim features American cuisine with its “Texas-sized” dishes, homestyle-cooked entrees and a selection of craft brews.
“We will be strongly considering moving out of the Mexican space for future acquisitions,” Algeo said.
XRG should be closing on a new deal in 2023 that will help the company’s goal of diversifying its market share.
“We’ve been enjoying the process,” Algeo said.
Xperience expects to add four to six restaurants in 2023, including two new Sol Cocinas slated for Manhattan and Boston.
Xperience estimates revenue for the coming 12 months to approach $330 million as the company considers an IPO.
“We have a great team of investors in our company who are excited,” Algeo said.
“If you had asked me a year ago if I would take a role outside of the restaurant industry again, at some point in the future I would have said yes,” he added. “Today, I would say no. I’m in this industry for life.”