El Pollo Loco Inc. (Nasdaq: LOCO) announced today a multi-unit development deal with franchise group Bunch of Pollo Inc., the current owner and operator of over 70 Burger King restaurants in Northern California and Southern Oregon under QSR West.
Five new restaurants are set to open in this region over the next several years, including the first Oregon locations. The Costa Mesa-based chain will also introduce a new restaurant prototype design.
Amir Sahebalzamany, president of the franchise group, noted that leases were still in the works, but specific areas were already being selected with the first El Pollo Loco expected to open in early 2023.
“Much of the brand’s growth over the past few years has been fueled by existing franchisees, which speaks volumes to how the company goes above and beyond to ensure their operators succeed,” Sahebalzamany said in a statement. “Both Northern California and Southern Oregon are booming markets with unlimited potential for success, and we look forward to bringing the El Pollo Loco brand to these thriving communities.”
“We are in a robust period of growth in terms of franchising,” Chief Development Officer Brian Carmichall said. The company – which is looking to add 140 restaurants to its current collection of 485 – has a $330 million market cap with shares down 3.3% at $8.92 during midday trading.
