Chicago restaurant owner and investor Larry Levy is going to buy the Mexican-American fast-food chain Del Taco for about $500 million, including debt, Crain Chicago reported.
According to a Thursday press release, Levy Acquisition Corp. (LEVY.O) and a few backers will invest $120 million in Del Taco, then change its name to Del Taco Restaurants Inc. and continue trading on Nasdaq.
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Levy co-founded Levy Restaurants in 1978. The a Chicago-based company operates concessions at stadiums and arenas. It also owns restaurants in Chicago and in the United Kingdom. Levy Restaurants employ about 25, 000 with an annual revenue of $1.2 billion.
Founded in 1964, Del Taco has 550 locations in 16 states, with a potential to increase that to 2, 000. Its sales last year reached $656 million.
“We have been searching to acquire a growing restaurant brand for over a year and when we focused on the iconic Del Taco, we knew it was perfect, ” Larry Levy said in the statement.
