Highlighted transactions

Consumer

 

Del Taco

Piper Jaffray served as lead advisor to Del Taco and its shareholders on merge with Levy Acquisition Corp.

Client Description

The Del Taco brand was founded in Southern California in 1964. By 1978, Del Taco had opened its 100th location and reached 5 states. Del Taco and its franchisees now operate approximately 550 restaurants in 16 states, serving more than 3 million guests each week. Del Taco owns just over 300 of the stores in its system with the balance owned and operated by franchisees. Del Taco has announced development deals with franchisees to build stores in Chicago and New Jersey, in addition to the states where it currently operates.

Counterparty Description

Levy Acquisition Corp. is a blank check company formed in October 2013 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. In November 2013, LAC consummated its initial public offering of 15 million units, each unit consisting of one share of common stock and one‐half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Aggregate proceeds of $150,000,000 from the IPO were placed in trust pending completion of LAC’s initial business combination.

LAC is led by restaurant industry veteran Lawrence "Larry" F. Levy, who is expected to serve as the chairman of Del Taco’s board of directors beginning in March. Mr. Levy co‐founded Levy Restaurants in 1978 and grew it from a single Chicago delicatessen into an international food service company that generates over one billion dollars in revenue today. He sold Levy Restaurants in two stages, in 2000 and 2006. Mr. Levy also founded Levy Family Partners LLC in 2003, a family investment business that has made over 200 investments, with more than half in the restaurant, hotel, resort and real estate areas. Notable restaurant operations include Blaze Pizza and Pollo Campero.


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