Butterfly completed the acquisition of QDOBA from Apollo.

Butterfly, a private equity firm, completed the acquisition of QDOBA, a fast casual Mexican restaurant, from Apollo, an alternative asset manager. QDOBA will merge with Modern Restaurant Concepts. King Street is investing alongside Butterfly. Financial terms were not disclosed. “QDOBA is an iconic brand whose reach will help us bring Modern Market and Lemonade to new consumers and franchisees around the country, particularly as we begin our own franchising journey. We’re thrilled to welcome the QDOBA team to the Modern Restaurant Concepts family and believe that together we can build something truly differentiated in the restaurant space," Rob McColgan, MRC CEO.