Pollo Tropical

Comvest Credit Partners Provides Financing to Support the Take-Private of Pollo Tropical

Retrieved on:

Thursday, November 16, 2023

Consulting, Banking, Professional Services, Finance, Funding, Acquisition, Hormone, Consumer, Chicken, Food, Fiesta Restaurant Group, Partner, Garnett station, The Bahamas, Pollo Tropical

Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the Sole Lender on a $115 million senior secured credit facility (the “Financing”) for Pollo Tropical (the “Company”), a Miami-based fast-casual restaurant chain.

Key Points:

Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the Sole Lender on a $115 million senior secured credit facility (the “Financing”) for Pollo Tropical (the “Company”), a Miami-based fast-casual restaurant chain.
The Financing supported the take-private acquisition of Fiesta Restaurant Group, Inc. (NASDAQ: FRGI), the publicly traded parent company of Pollo Tropical, by Authentic Restaurant Brands, a portfolio company of Garnett Station Partners (“Garnett Station”).
The financing also provides committed capital to support the ongoing operations of the business.
“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.

Authentic Restaurant Brands Completes Acquisition of Fiesta Restaurant Group

Retrieved on:

Monday, October 30, 2023

Finance, Restaurant, Bar, Food, Beverage, Retail, Professional Services, Knowledge, Fiesta Restaurant Group, Acquisition, Restaurant Brands, ARB, Love, Fiesta, Pollo Tropical

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.

Key Points:

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.
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.

Fiesta Restaurant Group, Inc. to be Acquired by Authentic Restaurant Brands

Retrieved on:

Monday, August 7, 2023

ARB is a holding company with a portfolio of powerhouse, iconic regional food and beverage brands, with extraordinary customer brand loyalty and rich, authentic stories.

Key Points:

ARB is a holding company with a portfolio of powerhouse, iconic regional food and beverage brands, with extraordinary customer brand loyalty and rich, authentic stories.
Current brands include Primanti Bros Restaurant & Bar, P.J.
Upon closing the transaction, Fiesta will operate as a privately held company and Pollo Tropical will remain based in Miami, FL.
Houlihan Lokey Capital, Inc. is acting as financial advisor to the Special Committee of the Fiesta Board of Directors.

Fiesta Restaurant Group, Inc. Reports Second Quarter 2023 Results

Retrieved on:

Monday, August 7, 2023

Retail, Restaurant, Bar, Food, Beverage, Operation, Advertising, 8-K, Comparable, The Restaurant Group, G&A, Fiesta, Growth, Video game, Food delivery, Pollo Tropical

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week second quarter, which ended on July 2, 2023 and provided a business update related to current operations.

Key Points:

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week second quarter, which ended on July 2, 2023 and provided a business update related to current operations.
We have also seen the impact of G&A expense efficiency initiatives, which resulted in our second quarter G&A expense coming in well below the second quarter of 2022 and the first quarter of 2023.
We expect second half 2023 advertising expense to be above the second quarter 2023 levels with full year 2023 advertising expense as a percentage of sales of 3.5%.
Total revenues increased 8.5% to $106.8 million in the second quarter of 2023 from $98.5 million in the second quarter of 2022;
Comparable restaurant sales at Pollo Tropical increased 9.6% in the second quarter of 2023 compared to the second quarter of 2022;
Net income of $3.9 million, or $0.15 per diluted share, in the second quarter of 2023, compared to net loss of $(6.2) million, or $(0.25) per diluted share, in the second quarter of 2022;
Net income from continuing operations of $3.8 million, or $0.15 per diluted share, in the second quarter of 2023, compared to net loss from continuing operations of $(6.5) million, or $(0.26) per diluted share, in the second quarter of 2022;
Adjusted net income (a non-GAAP financial measure) of $4.9 million, or $0.19 per diluted share, in the second quarter of 2023, compared to adjusted net loss of $(3.3) million, or $(0.14) per diluted share, in the second quarter of 2022 (see non-GAAP reconciliation table below);
Income from Operations of $4.1 million, or 3.9% of restaurant sales, in the second quarter of 2023 compared to a loss from operations of $(5.3) million, or (5.4)% of restaurant sales, in the second quarter of 2022; and
Restaurant-level Operating Profit (formerly Restaurant-level Adjusted EBITDA, a non-GAAP financial measure) of $20.6 million, or 19.3% of Pollo Tropical restaurant sales, in the second quarter of 2023 compared to $14.9 million, or 15.2% of Pollo Tropical restaurant sales, in the second quarter of 2022 (see non-GAAP reconciliation table below).

Fiesta Restaurant Group, Inc. Reports First Quarter 2023 Results

Retrieved on:

Wednesday, May 10, 2023

Retail, Restaurant, Bar, Other Retail, Acceleration, The Restaurant Group, Fiesta, Comparable, Growth, Operation, Traction, G&A, Video game, Food delivery, Pollo Tropical

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week first quarter, which ended on April 2, 2023, and provided a business update related to current operations.

Key Points:

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week first quarter, which ended on April 2, 2023, and provided a business update related to current operations.
The first quarter 2023 loss from operations was $(2.1) million and (2.0)% of restaurant sales compared to a loss from operations in the first quarter 2022 of $(1.4) million and (1.5)% of restaurant sales.
Restaurant-level Operating Profit Margins of 16.7% increased above both the fourth quarter of 2022 and the first quarter of 2022 by 50 and 60 basis points, respectively.
Restaurant-level Operating Profit (formerly Restaurant-level Adjusted EBITDA, a non-GAAP financial measure) of $17.2 million, or 16.7% of Pollo Tropical restaurant sales, in the first quarter of 2023 compared to $15.3 million, or 16.1% of Pollo Tropical restaurant sales, in the first quarter of 2022 (see non-GAAP reconciliation table below).

Fiesta Restaurant Group, Inc. Appoints Dirk Montgomery as President and Chief Executive Officer

Retrieved on:

Thursday, April 13, 2023

Retail, Restaurant, Bar, Food, Beverage, The Restaurant Group, Fiesta, Pollo Tropical, CFO, Interim, Growth, Management

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® brand, today announced that the Board of Directors has appointed Dirk Montgomery as its permanent President and Chief Executive Officer, effective April 13, 2023.

Key Points:

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® brand, today announced that the Board of Directors has appointed Dirk Montgomery as its permanent President and Chief Executive Officer, effective April 13, 2023.
Mr. Montgomery has served as Interim Chief Executive Officer since December 8, 2022 and previously served as Chief Financial Officer since September 9, 2019.
“The Board and I are confident that Dirk is ideally suited to serve as our President and CEO,” said Stacey Rauch, who chairs the Company’s Board of Directors.
I am very excited to have the opportunity to continue working with the leadership team and our Board to unlock the significant growth potential of this special brand.”

Fiesta Restaurant Group, Inc. Reports Fourth Quarter 2022 Results

Retrieved on:

Thursday, March 2, 2023

Consolidated Adjusted EBITDA (a non-GAAP financial measure) increased to $6.9 million in the fourth quarter of 2022 from $2.5 million in the fourth quarter of 2021.

Key Points:

Consolidated Adjusted EBITDA (a non-GAAP financial measure) increased to $6.9 million in the fourth quarter of 2022 from $2.5 million in the fourth quarter of 2021.
Price increases taken in 2022 include a 5.0% increase in March 2022 and a 1.4% increase in June 2022 and a 4.0% increase in September.
Loss from Operations of $(4.4) million, or (4.5)% of restaurant sales, in the fourth quarter of 2022 improved compared to a loss from operations of $(7.1) million, or (8.0)% of restaurant sales, in the fourth quarter of 2021.
General and Administrative expenses were $15.1 million for the fourth quarter of 2022 and $12.6 million for the fourth quarter of 2021.

Fiesta Restaurant Group, Inc. Provides Update on Pollo Tropical Restaurants Impacted by Hurricane Ian

Retrieved on:

Tuesday, October 4, 2022

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical brand, today provided an update on its restaurants impacted by Hurricane Ian in Florida.

Key Points:

Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical brand, today provided an update on its restaurants impacted by Hurricane Ian in Florida.
In an effort to ensure the safety of its team members, select Pollo Tropical restaurants in the storms path were closed early on September 27 and all Pollo Tropical restaurants were closed on September 28.
Notably, Pollo Tropical restaurants in the south Florida markets were generally unaffected by Hurricane Ian and have been operating under normal conditions since September 30.
Fiesta Restaurant Group, Inc., owns, operates and franchises the Pollo Tropical restaurant brand and prior to August 16, 2021, owned, operated, and franchised the Taco Cabana restaurant brand.

FAMILY DINNERS JUST GOT BETTER, WITH NEW FAMILY MEALS FROM POLLO TROPICAL®

Retrieved on:

Thursday, April 7, 2022

Spice, NASDAQ, Onion, Restaurant, Multimedia, Fiesta Restaurant Group, View, Citrus, Pollo Tropical, Meal, Cheese, Fast food

MIAMI, April 7, 2022 /PRNewswire/ -- Pollo Tropical is now offering three new family meals to complement the brand's menu lineup.

Key Points:

MIAMI, April 7, 2022 /PRNewswire/ -- Pollo Tropical is now offering three new family meals to complement the brand's menu lineup.
The Chicken Trio, TropiChop Bar, and Fajita Meal, all feature Pollo Tropical's fresh-never-frozen grilled chicken with special sides and extras.
The TropiChop Bar has all of the elements of the fan-favorite TropiChop Bowl, but is served family style and with some special extras!
These new meals are now available at all company-owned locations throughout Florida and can be ordered in-store, online or through the MyPollo App.

Fiesta Restaurant Group, Inc. to Announce Fourth Quarter and Full Year 2021 Results on March 9, 2022

Retrieved on:

Friday, March 4, 2022

Retail, Restaurant, Bar, Food, Beverage, Review, The Restaurant Group, NASDAQ, Pollo Tropical, Pollo, Restaurant

Fiesta Restaurant Group, Inc. (Fiesta or the Company) (NASDAQ: FRGI), parent company of the Pollo Tropical fast-casual restaurant brand, today announced that it will host a conference call to review fourth quarter and full year 2021 results on Wednesday, March 9, 2022 at 4:30 P.M.

Key Points:

Fiesta Restaurant Group, Inc. (Fiesta or the Company) (NASDAQ: FRGI), parent company of the Pollo Tropical fast-casual restaurant brand, today announced that it will host a conference call to review fourth quarter and full year 2021 results on Wednesday, March 9, 2022 at 4:30 P.M.
A press release containing fourth quarter and full year 2021 results will be issued after market close that same day.
A replay will be available after the call until Wednesday, March 16, 2022 and can be accessed by dialing 412-317-6671.
Fiesta Restaurant Group, Inc., owns, operates and franchises the Pollo Tropical restaurant brand.