Chipotle Mexican Grill
Chipotle Mexican Grill, often referred to simply as Chipotle, was founded by Steve Ells on July 13, 1993. The chain had 16 restaurants in Colorado when McDonald’s became a major investor in 1998. By 2006, after McDonald’s divested, Chipotle had grown to over 500 locations.
In this slideshow, we review the restaurant’s massive growth through the 90s and its success around the globe.
Steve Ells
Steve Ells attended the Culinary Institute of America and worked as a line cook in San Francisco. Ells opened the first Chipotle Mexican Grill in Denver, Colorado, in 1993, using an $85,000 loan from his father.
First month
The original Chipotle restaurant sold over 1,000 burritos a day after its first month of operation.
Opened in 1995
The second Chipotle store opened in 1995, funded by the company’s cash flow, and the third was financed with an SBA loan.
Board of directors
Ells’ father invested $1.5 million to support Chipotle’s growth, and Ells raised an additional $1.8 million by creating a board of directors and business plan.
Colorado
The first Chipotle restaurant outside Colorado opened in Kansas City, Missouri, in 1998.
Minority investment
McDonald’s made a minority investment in Chipotle in 1998, becoming its largest investor by 2001.
Rapid expansion
Chipotle’s rapid expansion increased from 16 restaurants in 1998 to over 500 by 2005, aided by McDonald’s investment.
Stock price
Chipotle went public on January 26, 2006, with a stock price that doubled on its first day, marking a successful IPO.
President and COO of Chipotle
Monty Moran was appointed president and COO of Chipotle in March 2005, while Ells remained chairman and CEO.
McDonald's
McDonald’s fully divested from Chipotle in October 2006, having invested approximately $360 million and taken out $1.5 billion.
International location
Chipotle opened its first international location in Toronto in 2008.
Monty Moran
Monty Moran was promoted to co-CEO in January 2009, sharing the role with Ells.
2009 and 2010
Chipotle was ranked as one of the fastest-growing restaurant chains in the U.S. in 2009 and 2010.
Nate Appleman
In December 2010, Chipotle hired chef Nate Appleman to develop new cuisine.
Hiring practices
The company faced an ICE audit in 2010, resulting in the firing of 450 employees due to fraudulent hiring practices.
California
In May 2018, Chipotle announced its relocation of headquarters from Denver to Newport Beach, California.
Avocado processing machine
In September 2024, Chipotle announced the development of an automated avocado processing machine called Autocado to streamline guacamole preparation.
Restaurants
As of June 30, 2024, Chipotle operates 3,500 restaurants.