Fiesta Restaurant acquired by Restaurant Brands

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $100–350M

Context

Authentic Restaurant Brands, a Garnett Station portfolio company, agreed to acquire Fiesta Restaurant Group, Inc. for $8.50 per share in cash, taking Pollo Tropical private. The all-cash deal, unanimously approved by Fiesta's board via special committee, includes a 30-day go-shop and awaits shareholder vote, HSR clearance, closing Q4 2023. Fiesta chose ARB for cultural fit with regional icons like Primanti Bros, providing resources for Pollo Tropical's Florida stronghold while retaining Miami HQ and leadership. Timing follows operational improvements, positioning the brand for growth amid fast-casual consolidation; ARB's restaurant/digital expertise accelerates franchise support and guest experience.

Fiesta Restaurant, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Fiesta Restaurant Group, Inc. is the parent company of Pollo Tropical, a fast-casual restaurant chain specializing in authentic Caribbean-inspired chicken and Latin flavors. Headquartered in Miami, Florida, United States, Pollo Tropical offers fire-grilled chicken marinated in citrus and garlic, served with rice, beans, plantains, and fresh salads. Customers can customize meals with various proteins, sauces, and sides in a quick-service format featuring drive-thru, dine-in, and catering. The brand emphasizes fresh preparation without freezers, using daily-made empanadas, yuca fries, and tropical drinks. Pollo Tropical operates company-owned restaurants primarily in Florida with a focus on high-traffic locations. The chain has built a loyal following through consistent quality and value pricing since its founding. Fiesta Restaurant Group manages operations, franchise development, and supply chain for Pollo Tropical.

Ent. Value

$100–350M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Restaurant Brands

Other operations with Restaurant Brands
Date	Acquirer	Target	Country	Sector
11/2021	RESTAURANT BRANDS	FIREHOUSE SUBS	UNITED STATES	Restaurants / Chains

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REFERENCES

Valuation range: EV $100–350M

Revenue range: $250–500M

EBITDA range: $10–30M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Fiesta Restaurant by Restaurant Brands are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: fiesta restaurant

FAQ

What transaction does this page cover?

This page covers Restaurant Brands’s acquisition of 100% of Fiesta Restaurant, an American company specialised in Hospitality, in 2023, structured as a leveraged buyout (LBO).

How was the acquisition of Fiesta Restaurant by Restaurant Brands valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $100–350M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Fiesta Restaurant’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Fiesta Restaurant generated annual revenue estimated in the $250–500M range and EBITDA in the $10–30M bracket (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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