Meat lovers step aside.
Del Taco Restaurants Inc. (Nasdaq: TACO) is expanding its offering of the plant-based meat substitute brand Beyond Meat to 21 additional locations throughout Southern California, following a successful pilot test in Los Angeles.
The Lake Forest-based restaurant chain said it’s the first Mexican fast food chain to offer Beyond Meat.
The rollout includes just one Orange County spot near its headquarters at 23781 El Toro Road.
San Diego restaurants are getting the bulk of the love for now; sixteen of the 21 locations are there.
Chief Executive John Cappasola said it made sense to offer its Beyond Tacos to a larger community.
“With a growing demand for vegan and vegetarian options among our guests, we saw an opportunity within the space to partner with Beyond Meat to develop a proprietary blend of seasoned, 100% plant-based meat,” Cappasola said in a statement.
Guests can choose a vegan and vegetarian taco off the menu. The Beyond Avocado Taco has plant-based crumbles, avocado, lettuce and tomatoes. The vegetarian Beyond Taco option offers crumbles, cheddar cheese, lettuce and tomatoes.
In addition, the plant-based meat can be ordered as a substitute for any protein in existing Del Taco menu items such as burritos and nachos.
Cappasola said if the additional tests prove successful, the company will look to offer Beyond Tacos to more locations in the near future.
Del Taco’s market value was $380 million as of press time.
New Additions
Irvine-based digital marketer AutoWeb Inc. (Nasdaq: AUTO) made two new hires to its C-suite last month as it looks to turn around the business under Chief Executive Jared Rowe.
J.P. Hannan was named chief financial officer and executive vice president, succeeding interim Chief Financial Officer Wes Ozima, who will resume his prior role as controller and senior vice president.
Hannan previously served as chief financial officer for Los Angeles-based ad tech firm Social Reality Inc. (Nasdaq: SRAX).
He’s helped complete more than $5 billion in financing and M&A transactions over the course of his more than 20-year career, which includes stints at Modern Luxury Media and Cumulus Media Inc., according to AutoWeb.
In addition, Tim Branham was appointed to senior vice president and to the newly created position of chief technology officer.
He’s served as a partner at St. Louis-based consulting firm Perficient Inc. (Nasdaq: PRFT) and since August worked as a consultant for AutoWeb to help evaluate its IT infrastructure.
Branham has also overseen the IT strategy and operations of Fujitsu Americas’ North American division.
Rowe said in a statement the additions will help support the company’s new strategic direction.
“Investing in our people and technology will be instrumental in returning AutoWeb to growth and margin expansion in 2019,” he said. “We will continue investing in our people as we expect to fill additional critical roles in the coming months. We also remain committed to investing in our technology infrastructure to better integrate our operations, improve the pace of change and gain more control over internal investments and outcomes.”
The company reported a third-quarter loss of $18 million, or $1.41 per share, compared to net income of $69,000 a year ago.
Revenue was $31.7 million for the quarter, a 14% decline from a year ago, and advertising revenue was down at $6.6 million, compared to $8.9 million last year.
Bits & Pieces
Stefano Saccone was appointed last month as Costa Mesa-based Vans Inc.’s vice president and general manager of the company’s Europe, the Middle East and Africa division, replacing Jan Van Leeuwen. Saccone, the former vice president and general manager of Eastpak, will start his role on April 1 and be based at parent company VF Corp.’s international headquarters in Switzerland. … Specialty retailer Boot Barn Holdings Inc. in Irvine inked a deal with Bourbon Brothers Presents LLC last month for the naming rights to a new concert venue in Northern Colorado Springs. The Boot Barn Hall at Bourbon Brothers is scheduled to open next month and will seat between 400 and 1,200 concert goers.
