Latin-Caribbean-inspired restaurant chain Pollo Tropical’s parent company, Fiesta Restaurant Group, was acquired this week by private equity firm, Garnett Station Partners, through Authentic Restaurant Brands (ARB), for $225M in an all cash transaction, according to QSR.
“We have been fans of Fiesta and their Pollo Tropical restaurants for some time,” Alex Macedo, chairman of ARB, said. “Pollo Tropical restaurants are a mainstay on the dining scene throughout Florida, and we are confident that ARB is a perfect partner to harness the power of the brand for the future.”
Pollo Tropical joins other ARB brands like Primanti Bros., P.J. Whelihan’s and Mambo Seafood.
More on Pollo Tropical
Headquartered in Florida, Pollo Tropical has 134 corporate-owned stores in the U.S. and 28 franchises across the U.S., Puerto Rico, Panama, Guyana and the Bahamas.
The chain performed well over the past year with same-store sales growing 9.6% in the second quarter year-over-year.
“The transaction validates the actions we have taken to position Pollo Tropical in our markets, enhance the guest experience and improve performance across our footprint,” said Dirk Montgomery, CEO of Fiesta Restaurant Group. “With this transaction, Fiesta will be better positioned financially and operationally to advance our mission of providing great food and hospitality to our guests.”
A couple years prior to the acquisition, Fiesta Restaurant Group also sold its other brand, Taco Cabana, to Yadav Enterprises for $85 million.
