Kelly’s Roast Beef sold to private equity firm

Kelly's Roast Beef, a staple on the North Shore for 73 years, has been sold to a private equity firm owned by a Massachusetts native.

"I think anybody who has grown up in Revere or the neighboring communities knows about Kelly's," Revere resident Aaron Seigal said.

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"I've been coming here over 50 years," Revere resident Roger Ciampoli added.

The shop credited with inventing the roast beef sandwich in 1951 was owned by the same two families until now, but the previous owners remain involved as investors. David Masse, CEO of AAM15 Management Group, acquired Kelly's on New Year's Day.

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"It was a very smooth transaction," Masse told NBC10 Boston Wednesday. "I just showed them the plan I had and envisioned for long-term viability of Kelly's, and they believe in it, or else they wouldn't have invested, as well."

In this week's Restaurant Recap, we visit Revere Beach to see the original Kelly's Roast Beef, as the iconic restaurant plans new locations in Dedham, Worcester and more.

The menu will stay mostly the same, with a few improvements, Masse said. He plans to add a slider with fries and a drink for a low price.

"We want to make sure that the product is great, the sandwiches are warm, the fries are tasty, the lobster rolls, especially — it stays the same portion," Masse said. "We're not changing the portions. We're maintaining the brand."

Masse has lived in Massachusetts all his life and attended Beverly High School, North Shore Community College and Salem State for his education. He now owns 12 hotels, several multi-family properties and a golf club on the North Shore, and he has big plans for Kelly's.

"I'm just fortunate to be a steward going forward of taking the brand and just expanding it, but also maintaining the high standards that they have," Masse said.

He has larger vision for the franchise — Masse plans to expand Kelly's locations throughout the North Shore, the South Shore and even into New Hampshire over the next several years. He plans to bring Kelly's Roast Beef to states outside of New England, as well.