Authentic Restaurant Brands Completes Acquisition of Fiesta Restaurant Group
October 30 2023 - 8:06AM
Business Wire
Authentic Restaurant Brands (“ARB”), a portfolio company of
Garnett Station Partners, LLC (“Garnett Station” or “GSP”), a New
York-based principal investment firm, today announced the
completion of its previously announced acquisition of Fiesta
Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI),
parent company of the Pollo Tropical® restaurant brand.
“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 $8.50 per share in cash.
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
Pennsylvania, West Virginia, Ohio, and Maryland, P.J. Whelihan's
Pub & Restaurant based in the Greater Delaware Valley including
Philadelphia and South Jersey and Mambo Seafood based in Houston,
Texas.
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 $2
billion of assets. Garnett Station partners with experienced and
entrepreneurial management teams and strategic investors to build
value for its portfolio of growth platforms. The firm draws on its
global relationships, operational experience and rigorous diligence
process to source, underwrite and manage investments. Core sectors
include consumer and business services, health & wellness,
automotive, and food & beverage. Garnett Station's culture is
based on the principles of entrepreneurship, collaboration,
analytical rigor and accountability. For more information, please
visit www.garnettstation.com.
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.
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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
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