El Pollo Loco Signs New Territory Agreements for Northern Colorado, New Mexico and El Paso, Texas to Continue Brand Expansion
09 May 2023 - 11:00PM
El Pollo Loco, Inc. (“El Pollo Loco” or “Company”) (Nasdaq: LOCO),
the nation’s leading fire-grilled chicken restaurant chain,
announced during the most recent earnings call on May 4, 2023, the
signing of three (3) new development agreements covering
territories in Northern Colorado, New Mexico and El Paso, TX. A
deal has been signed with MEQ EPL, LLC (www.masseq.com), a company
with diverse investments across key western U.S. real estate
markets, for the development of 10 units over 8 years. The first
restaurants are due by December 2024 for Larimer County and
portions of Boulder, Broomfield and Weld Counties in Northern
Colorado. The second deal was signed with CB Pollo NM 1 and CB
Pollo Tx 1 for the development of 9 units in New Mexico, with the
first due November 2024, and 7 units in the El Paso, TX DMA with
the first due May 2025. The Company does not currently have
restaurants in these territories.
Mass Equities Founder and CEO Drew Sobel shared, “El Pollo
Loco’s corporate team has made it an easy decision to grow our
franchise operations with them. The brand’s growth over the past
few years is evident and its unique offering supported by
excellence in operations is a strategic fit for our portfolio of
businesses. Fueled by the brand’s initial success in the Colorado
market, we look forward to bringing the El Pollo Loco experience to
northern parts of the state.”
The expansion announcement comes at a time when the Company is
aggressively looking to increase its national footprint to bring
more locations to more people who have not previously experienced
the brand. These restaurants will be developed with the newest El
Pollo Loco design offering options for dining rooms that open to a
patio area and an enhanced digitized experience – including
self-ordering kiosks, mobile to-go and delivery pick-up areas and
digital menu boards.
“When seeking out a new restaurant business to expand our
portfolio, El Pollo Loco stood out as something that is missing in
many of the markets we serve. Additionally, from growing up in
the Los Angeles area, we are very familiar with the brand and there
is built-in equity from people who move from California and carry
the love of the brand with them,” said Ashim Chopra, CEO of CB
Pollo NM 1 and CB Pollo Tx 1. “We’re excited to bring El Pollo Loco
to new markets where we know we can be successful by meeting some
very distinct needs from families and health-conscious consumers
who will love the freshly marinated, fire-grilled chicken that is
the foundation for most of the menu items.”
“We’re thrilled to bring MEQ EPL and CB Restaurants into our
growing family of franchisees as we continue El Pollo Loco’s
expansion into new markets,” said Brian Carmichall, El Pollo Loco’s
Chief Development Officer. “We look forward to bringing our famous
fire-grilled chicken to consumers in these markets.”
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 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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MEDIA CONTACT:Courtney SimichEdible,
IncEPLMedia@Edible-Inc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3447075e-df37-4555-81bd-1be8cf3cf0b2
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