Kellys Roast Beef sold to private equity firm NECN [Video]

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.

“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.

“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.”

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