Del Taco Restaurants, Inc. Completes Refranchising of San Diego, California Market
16 Décembre 2019 - 10:05PM
Business Wire
Del Taco Restaurants, Inc. (“Del Taco” or the “Company”),
(NASDAQ: TACO), the second largest Mexican-American quick service
restaurant chain by units in the United States, today announced the
refranchising of all ten company-operated restaurants in the San
Diego, CA market to incoming franchisee SoCal Food Group which is
led by Omar Boukai, and supported by the Boukai family who has
extensive food service and real estate experience. Related to this
refranchising agreement, SoCal Food Group has also committed to
develop up to 21 additional Del Taco restaurants over the next
seven years, primarily in the San Diego market.
John D. Cappasola, Jr., President and Chief Executive Officer of
Del Taco, commented, “The SoCal Food Group has extensive experience
in the quick-service restaurant industry and currently operates 50
restaurants across two other QSR concepts. We welcome them to the
Del Taco system and are confident that they will be great partners
in operating these ten San Diego restaurants and developing up to
21 additional restaurants over the next seven years.”
As a reminder, Del Taco has been executing a portfolio
optimization strategy to help stimulate new franchise restaurant
growth and to drive operational and financial benefits. The Company
has now completed the refranchising of its San Diego, CA and Reno,
NV markets during its fiscal fourth quarter, which followed the
refranchising of 13 restaurants in the Los Angeles market during
its fiscal first quarter earlier this year. The Cypress Group is
acting as exclusive sell-side advisor to Del Taco in connection
with the San Diego, CA and other active market refranchising
efforts.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ: TACO) offers a unique variety of both Mexican
and American favorites such as burritos and fries, prepared fresh
in every restaurant's working kitchen with the value and
convenience of a drive-thru. Del Taco's menu items taste better
because they are made with quality ingredients like fresh grilled
chicken and carne asada steak, hand-sliced avocado, hand-grated
cheddar cheese, slow-cooked beans made from scratch, and creamy
Queso Blanco. The brand's campaign, Celebrating the Hardest Working
Hands in Fast Food, further communicates Del Taco's commitment to
restaurant-level team members that provide guests with the best
quality and value for their money through cooking, chopping,
shredding and grilling menu items from scratch. Founded in 1964,
today Del Taco serves more than three million guests each week at
its more than 580 restaurants across 15 states. For more
information, visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain
a number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information concerning Del
Taco’s possible or assumed future results of operations, business
strategies, competitive position, industry environment, potential
growth opportunities and the effects of regulation. These
statements are based on Del Taco’s management’s current
expectations and beliefs, as well as a number of assumptions
concerning future events. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “target,”
“may,” “will,” “should,” “future,” “propose,” “preliminary,”
“guidance,” “on track” and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Del Taco’s management’s control that could cause
actual results to differ materially from the results discussed in
the forward-looking statements. These risks include, without
limitation, consumer demand, our inability to successfully open
company-operated or franchised restaurants or establish new
markets, competition in our markets, our inability to grow and
manage growth profitably, adverse changes in food and supply costs,
our inability to access additional capital, changes in applicable
laws or regulations (including minimum wage regulations), food
safety and foodborne illness concerns, our inability to manage
existing and to obtain additional franchisees, our inability to
successfully execute our portfolio optimization strategy, our
inability to attract and retain qualified personnel, our inability
to profitably expand into new markets, changes in, or the
discontinuation of, the Company’s repurchase program, and the
possibility that we may be adversely affected by other economic,
business, and/or competitive factors. Additional risks and
uncertainties are identified and discussed in Del Taco’s reports
filed with the SEC, including under Item 1A. Risk Factors in our
Annual Report on Form 10-K for the year ended January 1, 2019, and
available at the SEC’s website at www.sec.gov and the Company’s
website at www.deltaco.com.
Forward-looking statements included in this release speak only
as of the date of this release. Del Taco undertakes no obligation
to update its forward-looking statements to reflect events or
circumstances after the date of this release or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191216005715/en/
Investor Relations Contact: Raphael Gross (203) 682-8253
investor@deltaco.com
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