Blank-check company Levy Acquisition Corp. said it plans to buy Lake Forest-based Del Taco Holdings Inc. in a deal that values Del Taco at about $500 million. The deal is set to close in June.
Chicago-based Levy said it will change its company name to Del Taco Restaurants Inc., with shares in the new company to continue trading publicly on Nasdaq under its “LEVY” ticker symbol. Del Taco headquarters would remain in Lake Forest with the current management team. Larry Levy and two of his sons will join the chain’s board of directors.
Levy Acquisition was founded by restaurateur Levy in October 2013 and raised $150 million in an initial public offering that November. The company was formed to invest in or buy another company in the food or hospitality industries.
Del Taco has about 550 Mexican-style fast-food restaurants in 16 states. It owns about 300 of them, and the rest are franchised.
