Authentic Restaurant Brands has completed its previously announced acquisition of Fiesta Restaurant Group, parent of the Pollo Tropical chain, for $225 million, or $8.50 per share, the acquiring company said Monday, taking the company private.
Trading of Fiesta’s stock on the NASDAQ Global Exchange was also halted on Monday.
“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,” Authentic chairman Alex Macedo said in a release announcing the completion of the deal. “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.”
ARB is owned by private investment firm Garnett Station Partners, based in New York City, and also operates Primanti Bros., PJ Whelihan’s, and Mambo Seafood.
Fiesta president and CEO Dirk Montgomery said in the release that the transaction brought value to the company’s shareholders.
“We are pleased to deliver significant, immediate and compelling value to our stockholders with the completion of this transaction,” Montgomery said. “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.”
Fiesta shareholders had approved the transaction on Oct. 24.
Pollo Tropical is a quick-service concept founded in 1988 and is known for its citrus marinated chicken, mojo roast pork, and house-made sides such as rice and beans and plantains. It operates around 140 locations and also franchises restaurants in the Caribbean, Central America, and South America.
Contact Bret Thorn at [email protected]