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.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
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.
