Authentic Restaurant Brands Completes Acquisition of Fiesta Restaurant Group
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“Our distinct vision for Pollo Tropical is to amplify the fundamental aspects of the brand that customers love and expand its capabilities to deliver high-quality, affordable food in a casual setting,” said Alex Macedo, Chairman of Authentic Restaurant Brands. “ARB’s extensive knowledge of regional restaurant markets and expertise in growing local brands will be crucial in developing and cultivating Pollo Tropical as a leading restaurant concept.”
Matt Perelman, Managing Partner and Co-Founder of Garnett Station Partners added, “We are proud to add Pollo Tropical to ARB’s existing portfolio of successful culinary brands catered to local markets and look forward to working with the Fiesta team to elevate the Pollo Tropical brand together.”
“We are pleased to deliver significant, immediate and compelling value to our stockholders with the completion of this transaction,” said Dirk Montgomery, Fiesta Restaurant Group President and Chief Executive Officer. “We are beginning the next phase for Pollo Tropical as part of a private company with a terrific partner that brings experience, expertise and the resources to help drive our continued success. We look forward to joining the ARB and Garnett Station Partners teams as we continue providing great food and hospitality to our guests.”
Under the terms of the definitive agreement, a wholly owned subsidiary of ARB acquired all of the outstanding shares of Fiesta. The consideration paid to Fiesta common stockholders as part of the transaction is
Stockholders approved the merger agreement proposal at a special meeting of Fiesta stockholders on October 24, 2023, in connection with the previously announced definitive agreement between the Company and ARB. Trading of Fiesta’s common stock on NASDAQ Global Exchange was halted on October 30, 2023.
About Authentic Restaurant Brands
Authentic Restaurant Brands is a holding company of powerhouse, regional food and beverage brands with extraordinary customer brand loyalty and rich, authentic stories. Established in 2021, ARB is a Garnett Station portfolio company currently comprised of three market-leading, iconic brands each with over 25-year operating histories including Primanti Bros Restaurant & Bar based in
ARB is strongly committed to growing each of our brands by leveraging their respective foundations, while sharing best practices across our portfolio under our common ownership. For more information, please visit www.authenticrb.com.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages over
About Fiesta Restaurant Group, Inc.
Fiesta Restaurant Group, Inc., owns, operates and franchises for the Pollo Tropical restaurant brand. The brand specializes in the operation of fast casual/quick service restaurants that offer distinct and unique flavors with broad appeal at a compelling value. The brands feature fresh-made cooking, drive-thru service, and catering. For more information about Fiesta Restaurant Group, Inc., visit www.frgi.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231030360675/en/
Authentic Restaurant Brands and Garnett Station Partners
Gagnier Communications
Dan Gagnier / Lindsay Barber
GSP@gagnierfc.com
Source: Garnett Station Partners, LLC
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