PE Deals

Garnett-backed ARB to buy Pollo Tropical’s parent company Fiesta Restaurant Group

The purchase price is $225 million. 

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  • When the deal closes, Fiesta will stop trading on the NASDAQ
  • ARB is a holding company with a portfolio of regional food and beverage brands, which include Primanti Bros Restaurant & Bar, P.J. Whelihan’s Pub & Restaurant and Mambo Seafood
  • The transaction is expected to be completed in the fourth quarter of 2023

Authentic Restaurant Brands, a portfolio company of Garnett Station Partners, has agreed to acquire Fiesta Restaurant Group, parent company of Pollo Tropical restaurant brand, in a take-private deal. The purchase price is $225 million.

Fiesta common stockholders will receive cash consideration of $8.50 per share.

When the deal closes, Fiesta will stop trading on the NASDAQ.

ARB is a holding company with a portfolio of regional food and beverage brands, which include Primanti Bros Restaurant & Bar, P.J. Whelihan’s Pub & Restaurant and Mambo Seafood.

Moving forward, Pollo Tropical will remain based in Miami and the company’s leadership team will continue to operate as an independent brand within the ARB platform.

“Fiesta and Pollo Tropical restaurants are a natural fit into ARB’s existing portfolio,” said Matt Perelman, managing partner and co-founder of Garnett Station Partners in a statement. “Pollo Tropical restaurants have a storied heritage and a deep-rooted connection with their local communities that perfectly align with ARB’s ethos and value proposition. ARB looks forward to working with Dirk and Fiesta’s leadership.”

The transaction is expected to be completed in the fourth quarter of 2023.

Jefferies LLC is acting as lead financial advisor to Fiesta in connection with the proposed transaction. Houlihan Lokey Capital, Inc. is acting as financial advisor to the special committee of the Fiesta board of directors. Guggenheim Securities is serving as lead financial advisor to ARB and Garnett Station. William Blair & Company, LLC also is serving as a financial advisor to the ARB board of directors.

Founded in 2013, Garnett manages over $2 billion of assets.