Authentic Restaurant Brands, a portfolio company of New York-based principal investment firm Garnett Station Partners, has completed its acquisition of Fiesta Restaurant Group, the parent company of Florida-based Pollo Tropical, which has nearly 150 locations.

"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," Alex Macedo, chairman of Authentic Restaurant Brands, said in a press release. "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."

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 $8.50 per share in cash.

"We are pleased to deliver significant, immediate and compelling value to our stockholders with the completion of this transaction," Dirk Montgomery, Fiesta Restaurant Group president and CEO, said in the release. "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."

Stockholders approved the merger agreement proposal at a special meeting of Fiesta stockholders on Oct. 24, 2023.

Authentic Restaurant Brands owns Pennsylvania-based Primanti Bros Restaurant & Bar, P.J. Whelihan's Pub & Restaurant based in the greater Delaware Valley, including Philadelphia and South Jersey and Mambo Seafood in Houston, Texas.

Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages over $2 billion of assets.

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