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Authentic Restaurant Brands plans to buy Pollo Tropical restaurant parent Fiesta Restaurant Group (NASDAQ:FRGI) for $225M in a deal that could be announced as soon as Monday, The Wall Street Journal reported.
The deal reportedly is worth $8.50/share, representing an ~8% premium to Fiesta Restaurant’s (FRGI) $7.86 Friday closing price.
Fiesta Restaurant (FRGI) owns and operates 137 Pollo Tropical restaurants, plus 30 that are franchised, across the U.S., Puerto Rico, Panama, Guyana; total revenue rose ~8% in 2022 to $387.4M, but the company swung to a loss of $14.6M, compared with net income of $10.4M in 2021.
Authentic Restaurant Brands, part of the Garnett Station Partners P-E firm, is a holding company that also owns sports bar chain P.J. Whelihan’s and Mambo Seafood.
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