Red Iguana
Red Iguana is a family-owned Mexican restaurant group in Salt Lake City, Utah, founded in 1965 by the Cardenas family, operating full-service restaurants, a fast-casual food court concept, private event dining, and catering, serving local diners, tourists, and group events with signature mole sauces.
- Company typePrivate
- Founded1965
- HeadquartersSalt Lake City, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Red Iguana does
Red Iguana is a family-owned Mexican restaurant group headquartered in Salt Lake City, Utah, founded in 1965 by Ramon and Maria Cardenas and currently operated by their daughter Lucy Cardenas and co-owner Bill Coker. The business operates a portfolio of four concepts: two full-service dine-in restaurants (Red Iguana 'The OG' at 736 W North Temple St and Red Iguana 2 at 866 W S Temple St), a fast-casual counter-service location called Taste of Red Iguana inside City Creek Center in South Jordan, and The Red Tree Room, a private event dining venue adjacent to Red Iguana 2. The menu centers on Cardenas family recipes originating from Chihuahua, Mexico, with a signature offering of 8+ house-made mole sauces (Negro, Amarillo, Poblano, Verde, Coloradito, Red Pipian, Mango, Almendras), complemented by tacos, enchiladas, carnitas, and regional Mexican specialties prepared from in-house sauces and house-made pork chorizo. Revenue is generated across dine-in restaurant service, online to-go ordering via the Toast Tab platform (order.rediguana.com), catering and delivery for groups and events, full bar service with custom margaritas, and digital gift cards.
The company employs over 200 staff across its locations and has grown from an 18-seat original restaurant into a multi-format operation under Lucy Cardenas's leadership, which began in 2005. Its go-to-market is predominantly direct-to-consumer through physical restaurant locations, supported by earned media and a strong review presence on Yelp (#35 of Top 100 US Restaurants in 2022, #1 Salt Lake City Top Local Eats 2025), Google, TripAdvisor (Travelers' Choice and Hall of Fame), and Resy; national exposure from a Food Network Diners, Drive-Ins and Dives feature; and organic social channels (Facebook, Instagram, TikTok). Customer segments include local Salt Lake City diners (primary), Utah visitors and tourists, groups and events, and dietary-restricted diners. Red Iguana remains privately held with no outside investors, parent company, or franchise system indicated, and it has not raised funding; financial figures, menu prices, and revenue are not publicly disclosed.
Red Iguana firmographics
Firmographics- Name
- Red Iguana
- Legal name
- Red Iguana
- Website
- https://rediguana.com
- Company type
- Private
- Founded year
- 1965
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Red Iguana is a family-owned Mexican restaurant group in Salt Lake City, Utah, founded in 1965 by the Cardenas family, operating full-service restaurants, a fast-casual food court concept, private event dining, and catering, serving local diners, tourists, and group events with signature mole sauces.
- Ownership category
- akta.pro rank
Red Iguana industry classification
Industry- Product category
- Mexican Restaurant Services
- NAICS
- Full-Service Restaurants (722511)
- SIC
- Retail-Eating & Drinking Places (5810), Retail-Eating Places (5812)
- akta.pro primary industry
- Mexican & Tex-Mex Fast Casual (THAFABAC)
Keywords
Where Red Iguana is headquartered
LocationHeadquarters
- HQ city
- Salt Lake City
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Red Iguana business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Supply Chain, Operations, Marketing or Sales
Revenue model
- Restaurant Dining: Full-service dine-in restaurant experience at multiple Salt Lake City locations. Revenue from food and beverage sales including signature mole dishes, margaritas, and Mexican specialties.
- Catering Services: Catering for larger gatherings and special events in Salt Lake City and surrounding areas.
- To-Go and Takeout: Online ordering for easy pickup at multiple locations.
- Gift Cards: Digital gift cards sold through Toast Tab platform.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels10 records
Red Iguana product offering
Product offeringCore offering
Red Iguana operates a family-owned group of Mexican restaurants in Salt Lake City, Utah, serving authentic Mexican cuisine built around the Cardenas family recipes originating from Chihuahua, Mexico. The offerings include full-service dine-in at two locations, a fast-casual food court concept (Taste of Red Iguana), a private event dining venue (The Red Tree Room), catering services for off-site events, and to-go pickup ordering. The signature offering is a mole program featuring 8+ house-made mole varieties (Negro, Amarillo, Poblano, Verde, Coloradito, Red Pipian, Mango, Almendras) alongside traditional tacos, enchiladas, and regional specialties.
Product overview
Red Iguana is a family-owned Mexican restaurant group operated by the Cardenas family for over four decades, offering full-service authentic Mexican dining through multiple restaurant formats. The portfolio includes the original Red Iguana (the OG) and Red Iguana 2 as full-service dine-in locations, Taste of Red Iguana as a fast-casual counter-service option, and The Red Tree Room for private event dining. The restaurants feature award-winning Cardenas family recipes including 8+ varieties of house-made mole sauces, traditional Mexican dishes like tacos, enchiladas, birria, and regional specialties, complemented by a full bar program with custom margaritas and cocktails. Catering services extend the brand to off-site events.
Differentiator
Problem solved
Functional benefit
Products and services
- Red Iguana 'The OG' (Original Location)
- Red Iguana 2
- Taste of Red Iguana
- The Red Tree Room
- Catering and Delivery Service
- Bar Menu and Cocktail Program
Quantifiable outcome
- Voted Best Mexican Restaurant in Utah for 25+ consecutive years
- +4 more outcomes
Companies that use Red Iguana
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Red Iguana technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Red Iguana partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights6 records
Red Iguana competitors and assessment
Company assessmentBroad incumbents
- Qdoba Mexican Eats: National Mexican fast-casual chain owned by Apollo Global Management. Directly comparable menu architecture (burritos, tacos, moles-adjacent sauces) and represents the institutional-capital-scaled version of Red Iguana's model.
- Moe's Southwest Grill: Multi-unit U.S. Mexican fast-casual chain with broad geographic coverage. Comparable in menu positioning (burritos, tacos, salsa bars) and represents a scaled competitor in the broader Mexican segment.
- Taco Bell: Largest Mexican QSR chain globally. Competes for lower-priced Mexican occasions in the same Salt Lake City market and shapes consumer expectations around speed, value, and digital ordering.
- Chipotle Mexican Grill: Largest U.S. scaled Mexican fast-casual chain. Sets the competitive benchmark for digital ordering, supply chain efficiency, and pricing power that a regional authentic operator like Red Iguana must defend against.
Regional players
- Cafe Rio Mexican Grill: Regional Mexican fast-casual chain founded in Utah with deep Salt Lake City presence. Directly comparable multi-format Mexican operator in the same primary market, competing for the same local diner and tourist occasions.
- Rosa's Cafe: Regional Texas-based Mexican fast-casual chain with strong local brand loyalty. Comparable in operating a regional, family-feel Mexican concept competing against national chains.
- Panchero's Mexican Grill: Midwest-rooted Mexican fast-casual chain with fresh-pressed tortillas and made-to-order burritos. Comparable in emphasizing fresh in-house preparation versus pre-made assembly.
- Costa Vida Fresh Mexican Grill: Utah-originated Mexican fast-casual chain offering fresh, made-from-scratch Mexican food across the western U.S. Highly comparable in culinary approach (fresh, in-house preparation) and overlapping geographic footprint.
Direct peers
- Rubio's Coastal Grill: Multi-unit U.S. chain specializing in coastal-inspired Mexican cuisine with full-service and fast-casual formats. Comparable in authentic Mexican positioning and multi-format portfolio strategy.
Others
- Bartolito's: Regional New Mexican sit-down restaurant group serving traditional Southwestern/Mexican cuisine. Comparable as a family-run, authentic-Mexican regional operator with a strong traditional-recipe moat similar to Red Iguana.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Red Iguana social profiles
Digital presenceRed Iguana financial estimates
Financial estimateRevenue estimate
Valuation estimate
Red Iguana leadership team
Management profileNumber of profiles
Profiles3 records
Red Iguana funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Red Iguana M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Red Iguana
What does Red Iguana do?
Red Iguana operates a family-owned group of Mexican restaurants in Salt Lake City, Utah, serving authentic Mexican cuisine built around the Cardenas family recipes originating from Chihuahua, Mexico. The offerings include full-service dine-in at two locations, a fast-casual food court concept (Taste of Red Iguana), a private event dining venue (The Red Tree Room), catering services for off-site events, and to-go pickup ordering. The signature offering is a mole program featuring 8+ house-made mole varieties (Negro, Amarillo, Poblano, Verde, Coloradito, Red Pipian, Mango, Almendras) alongside traditional tacos, enchiladas, and regional specialties.
Is Red Iguana a public or private company?
Red Iguana is a private company. It is classified as family owned and is currently operating.
When was Red Iguana founded?
Red Iguana was founded in 1965. It employs 11 to 50 people.
Where is Red Iguana based?
Red Iguana is headquartered in Salt Lake City, United States, in the North America region.
How does Red Iguana make money?
Four revenue lines are on record. Restaurant Dining is the primary driver. The others are catering Services, to-Go and Takeout and gift Cards.
Who are Red Iguana's main competitors?
Broad incumbents on record are Qdoba Mexican Eats, Moe's Southwest Grill, Taco Bell and Chipotle Mexican Grill. Regional players are Cafe Rio Mexican Grill, Rosa's Cafe, Panchero's Mexican Grill and Costa Vida Fresh Mexican Grill. Rubio's Coastal Grill is listed as a direct peer. Bartolito's is listed as an others.
Does Red Iguana have an API?
No public API is recorded for Red Iguana.
What industry is Red Iguana in?
Red Iguana's product category is Mexican Restaurant Services. Its primary akta.pro industry code is THAFABAC, Mexican & Tex-Mex Fast Casual. Its NAICS code is 722511 and its SIC code is 5810.