An investment firm on Tuesday said that it has acquired the 70-year-old Massachusetts chain Kelly’s Roast Beef and four of its flagship locations. Terms of the deal were not disclosed.
AAM15 Management, a private-equity firm founded by a Massachusetts native, said it plans to focus on unit expansion, securing licensing agreements and franchising opportunities.
“Growing up in this region, Kelly’s was always a part of my life,” AAM15 Founder David Masse said in a statement. “It’s more than just a restaurant, it’s a symbol of community and tradition.”
Kelly’s was founded in 1951 and offers a selection of sandwiches, burgers and seafood. The company has locations mostly in Massachusetts and Florida.
AAM15 typically focuses on hospitality businesses, multifamily properties and owns a private country club. The firm says it has assembled a “team of top-tier food and beverage professionals” to oversee Kelly’s expansion.
Masse added that the company is focused on maintaining Kelly’s “core values” while elevating the brand to “new heights.”
“Our goal is to preserve everything that made Kelly’s Roast Beef an icon in Massachusetts while identifying opportunities to innovate and grow,” Masse said. “We are dedicated to ensuring Kelly’s remains a symbol of excellence for decades to come.”
The locations AAM15 acquired are all in Massachusetts, in Saugus, Medford, Danvers and Revere Beach.
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