Benzinga | Sep 13, 2021 11:42AM EDT

Del Taco Signs Franchise Development Agreement In Virginia

* Del Taco Restaurants Inc (NASDAQ:TACO) has signed a deal with franchisees Bharat Patel and Steve Kissel of Virginia Taco LLC (Virginia Taco) to open 10 units in the state of Virginia. The financial terms of the deal were not disclosed.

* The deal will give the franchise group rights to open units in Virginia Beach, Chesapeake, Portsmouth, Norfolk, Hampton, and Newport News.

* "We've set our sights on expanding Del Taco's presence throughout the broader Southeast region for several years now. Finding the right franchise partner in Southern Virginia, a new area for the brand to create raving Del Taco fans is just another fantastic step in realizing our expansion goals," said Jeff Little, SVP of Development.

* Price Action: TACO shares are trading higher by 2.71% at $8.73 on the last check Monday.