Case Study

Guzman y Gomez

Australia's fastest growing QSR - clean and delicious Mexican food served fast.

“TDM has brought in that rigour and discipline to ensure people are accountable which has enabled the business to excel. They’re the best investment team in the country, and they’re so aligned in our vision.’’


Guzman y Gomez (‘GYG’) is Australia’s fastest-growing quick serve restaurant group, reinventing the fast food industry by serving made-to-order, clean and healthy Mexican food across Australia, Singapore, Japan and now the USA. We believe GYG will be the McDonald’s of the next generation, redefining the future of the global QSR industry.

TDM invested $44m in 2018 and has since contributed further growth capital to the business to become GYG’s largest shareholder with c.40% ownership. Tom Cowan currently sits on the board of directors and with the support of our Investment Team, provides insights in international best practice systems and processes, strategy and guidance on key executive recruitment.


GYG has grown from one store in Newtown to scaling to over 200 stores across drive-thru and suburban strip store formats in four countries and now has all the ingredients of becoming a successful global brand that continues to grow at high rates for many years to come.

With a current valuation of $1.725b, we continue to be very active in helping the business scale on its journey to becoming a successful ASX listing in the coming years.

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People and Culture

In CEO and founder Steven Marks, we saw a visionary, highly-energized founder that was relentlessly focused on building a culture of customer obsession, food quality and innovation. Steven is still a very large shareholder, aligning his long-term interests with ours.

We have always loved the management team’s passion to change the QSR industry globally and reinvent fast food, and combining this bold vision with best-in-class execution has resulted in a high-functioning and deep relationship between the management team and TDM. In 2023, TDM’s Operating Partner Hilton Brett moved from his role as a non-executive Director to Co-CEO alongside founder Steven Marks.

Competitive Advantage

Our primary framework for assessing competitive advantage is Hamilton Helmer’s 7 Powers. Find further details in our Four Pillars Framework.

GYG’s highly differentiated offering of being able to deliver clean, fresh food at speed and scale across all mealtimes, across all formats including drive-thru is based on GYG’s innovative and proprietary operating system.

This has allowed for very high traffic times to be serviced without compromise. On any given store opening, it is not unusual to serve 5,000 burritos on the first day.

At the heart of every great consumer business is a great brand, and GYG continues to innovate as to how it engages and builds its brand across channels. With double-digit ‘comp growth’ for over three years, the proof as to how the brand has resonated across demographics continues to astound.

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CEO of Guzman Y Gomez, Steven Marks, Discusses the Relationship With TDM




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