Apollo to Acquire Slumping Qdoba Chain in $305 Million Deal

Apollo Global Management LLC is getting into the Mexican food business.

The private equity firm, run by co-founder Leon Black, agreed to buy the struggling Qdoba chain from Jack in the Box Inc. for about $305 million in cash, Jack in the Box said Dec. 19.

Apollo, which controls Chuck E. Cheese and previously owned Carl’s Jr., is taking over a business that has posted declining same-store sales in three of the past four quarters. Jack in the Box has been weighing a sale of the chain, which has about 725 locations in the U.S., since May, when the company ...