LOCO - El Pollo Loco Holdings Inc. Announces $12.6 Million Repurchase Agreement | Benzinga
COSTA MESA, Calif., Dec. 04, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. ("El Pollo Loco" or the "Company") (NASDAQ:LOCO), the nation's leading fire-grilled chicken restaurant chain, today announced that it has entered into a Stock Repurchase Agreement with FS Equity Partners V, L.P. and FS Affiliates V, L.P. (together, the "Sellers") to purchase an aggregate of 1,500,000 shares of the Company's common stock at a price of $8.40 for a total purchase price of $12.6 million. The repurchase was completed on December 4, 2023. In addition, as part of the agreement, the Sellers have agreed to refrain from selling any of the remaining common stock owned or controlled by the Sellers for a period of 60 days.
This agreement represents a continuation of the Company's confidence in the business and its dedication to stockholder value creation. In total, the Company has repurchased approximately $59 million in 2023. Following this agreement, the Company has $7.4 million remaining under the $20 million share repurchase authorization that expires on March 31, 2025.
About El Pollo Loco
El Pollo Loco (NASDAQ:LOCO) is the nation's leading fire-grilled chicken restaurant with a mission to bring people together around food, family, and culture in the communities it serves. El Pollo Loco is renowned for its handcrafted food, an innovative blend of traditional Mexican cuisine and better-for-you eating, that Los Angeles is known for. Since 1980, El Pollo Loco has successfully opened and maintained over 490 company-owned and franchised restaurants in Arizona, California, Colorado, Nevada, Texas, Utah, and Louisiana while remaining true to its Mexican-American heritage. El Pollo Loco continues to grow and evolve, nourishing connections to tradition, culture, and one another through fire-grilled goodness that makes us feel like familia. For more information, visit us at ElPolloLoco.com.
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