Private equity firm AAM15 Management announced Tuesday that it acquired 74-year-old sandwich chain Kelly’s Roast Beef.
As part of the deal, the company is taking over the brand’s four flagship restaurants in Saugus, Medford, Danvers, and Revere Beach, Massachusetts.
Kelly’s has 11 other locations—three in Massachusetts, one in New Hampshire, and seven in Florida.
Founded in 1951, Kelly’s is known as the inventor of the North Shore roast beef sandwich. The chain roasts its beef in-house all day and serves food fresh and made to order.
After launching franchising for the first time in 2020, the fast casual opened three locations in 2023 and six in 2024—more than doubling its footprint over the past two years. The chain appeared on the 2023 edition of QSR’s 40/40 List, which highlights 40 rising fast casuals under 40 units.
AAM15 Management’s goal is to honor the company’s legacy while implementing strategic improvements to push the chain forward. The primary focus will be expanding locations, securing licensing agreements, and developing additional franchise opportunities. AAM15 assembled a team of food and beverage experts to help carry out the plan.
“Growing up in this region, Kelly’s was always a part of my life. It’s more than just a restaurant—it’s a symbol of community and tradition,” said David Masse, founder and CEO of AAM15 Management. “We’re proud to take on the responsibility of continuing Kelly’s legacy and ensuring it thrives for generations to come.”
AAM15 Management has a portfolio spanning hospitality, multifamily properties, a private country club on the North Shore in Massachusetts, and AAM15 Restaurant Group. The company has years of experience managing full-service hotels and food and beverage options.
“Our goal is to preserve everything that has 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.”
