Kelly’s Roast Beef is sold to Mass-based private equity firm

Kelly’s Roast Beef, a local 74-year-old chain known for its sandwiches on the North Shore, was sold to a Burlington-based private equity firm, according to a press release Tuesday. 

The sale includes the brand and four stores: its original location in Revere Beach, Danvers, Saugus, and Medford. A spokesperson for AAM15 confirmed the sellers were Kelly’s Roast Beef Inc. and Kelly’s Roast Beef Franchise LLC. 

“This acquisition reflects a shared vision between AAM15 Management and Kelly’s Roast Beef, emphasizing quality, tradition, and community connection,” a spokesperson said in an email. “With a strong track record of managing and expanding iconic hospitality brands, AAM15 is uniquely positioned to elevate Kelly’s Roast Beef to new heights while maintaining its core values.”

Kelly’s franchise locations at the Logan International Airport and seven in Florida aren’t part of the sale. AAM15 already owned Kelly’s locations in Dedham, Worcester, and Salem, New Hampshire before the sale this week.

Kelly’s Roast Beef opened in 1951 as a hot dog shack in Revere Beach and claims it invented the North Shore roast beef sandwich, which includes rare, thin-sliced roast beef, mayonnaise, and James River BBQ sauce. The roast beef eatery has since expanded to other North Shore towns and beyond Massachusetts. 

When asked about Kelly’s future under AAM15 ownership, they’re exploring opportunities to expand “whether through new locations or operational enhancements.”

AAM15’s portfolio includes Marriott hotel locations, apartment complexes, a country club in Ipswich, and a sports bar in Woburn. 

Katelyn Umholtz

Food and Restaurant Reporter

Katelyn Umholtz covers food and restaurants for Boston.com. Katelyn is also the author of The Dish, a weekly food newsletter.