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Which fast food restaurant did McDonald's own 90% of before selling its stake in 2006?
In 1993, Steve Ells opened the first Chipotle Mexican Grill in Denver, Colorado, using a loan from his father. In order to expand his promising fast casual concept, Ells needed money. That cash infusion came from an investment from fast food king McDonald's. The investment from McDonald's allowed Chipotle to quickly expand, from 16 restaurants in 1998 to over 500 by 2005. By the time Chipotle went public, McDonald's owned more than 90% of the company. But one year later, McDonalds's divested its stake and parted ways with the burrito chain.
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