Brief history of Chipotle Mexican grill, Inc.

Chipotle Mexican Grill, Inc. is one of the leading fast-casual Mexican restaurant chains, with approximately 400 outlets in about 20 states, mainly in the West and Midwest. Known for its fresh, gourmet, and increasingly organic ingredients, Chipotle offers a fairly simple menu of burritos, fajitas, and tacos featuring pork, shredded beef, chicken, steak, and vegetarian fillings. Customer checks average about $8.50. From a single location in Denver, Colorado, in 1993, the chain is now growing at the rate of 100 new restaurants per year thanks to the deep pockets of its parent, fast-food giant McDonald's Corporation. McDonald's first invested in the company in 1998, before taking majority control the following year, and it now holds a 90 percent stake. The vast majority of Chipotle restaurants are company-owned; fewer than ten are franchised. Annual revenues per unit are an estimated $1.2 million.