Comvest Credit Partners is acting as Administrative Agent and is the Sole Lender on a $115 million senior secured credit facility for Pollo Tropical, a Miami-based fast-casual restaurant chain. The Financing supported the take-private acquisition of Fiesta Restaurant Group, Inc., the publicly traded parent company of Pollo Tropical, by Authentic Restaurant Brands, a portfolio company of Garnett Station Partners. The financing also provides committed capital to support the ongoing operations of the business.
Founded in 1988, Pollo Tropical is a Latin-Caribbean-style restaurant operator with a focus on citrus-marinated grilled chicken. The Company operates more than 130 locations throughout Florida and franchises over 20 units internationally in Puerto Rico, Central America, South America and the Bahamas. Pollo Tropical serves chickens that are never frozen and free of hormones and trans-fats. Its menu features freshly made food ranging from grilled chicken to slow-roasted mojo pork.
“As an active and experienced investor in well-positioned quick-service restaurant concepts, Comvest Credit Partners is pleased to support the continued development of Pollo Tropical,” said Dan Lee, a Partner and Co-Head of Consumer & Retail at Comvest. “Pollo Tropical is a well-performing and differentiated brand with a strong local presence in its served markets.”
“Pollo Tropical marks our sixth successful transaction alongside Garnett Station, a sponsor with significant investment and operating expertise in the restaurant space,” said Nick McClelland, a Managing Director and Co-Head of Consumer & Retail at Comvest. “We look forward to continuing to build our relationship with the team in support of Pollo Tropical’s growth.”
Howard Norowitz, Partner and Head of Debt Capital Markets at Garnett Station, added, “Over the years, Comvest has been a reliable financing partner in support of other distinctive franchise concepts across our investment portfolio. This transaction required a committed, single-source financing solution on an accelerated timeline. Comvest again delivered, providing a tailored loan package that addressed our investment needs.