Jack in the Box reported on Dec. 22 it completed the sale of Lake Forest-based Del Taco to Yadav Enterprises Inc. for approximately $119 million. Â
The San Diego-based burger chain offloaded the Mexican fast-food brand after acquiring the brand in 2022 for approximately $585 million.Â
Yadav is a Fremont-based operator of more than 310 franchise restaurants, including Jack in the Box, TGI Fridays, Taco Cabana and Nick the Greek. The transaction includes roughly 550 Del Tacos.Â
In the deal, Jack in the Box (Nasdaq: JACK) received approximately $109 million in cash and the remaining $10 million in the form of a 21-day promissory note with interest at an 8% annual interest rate, guaranteed by Yadav founder and Chief Executive Anil Yadav.Â
“Our sale of Del Taco represents meaningful progress in simplifying our business model and reducing our debt,” Jack’s Chief Executive Lance Tucker said in a statement. Â
