Comvest Credit Partners – a leading provider of flexible direct financing solutions to middle-market companies – announced that it is acting as an administrative agent on a new $230 million senior secured credit facility for Pollo Tropical, a Miami-based quick-service restaurant chain specializing in Latin-Caribbean-style cuisine.
This financing will be used to support Pollo Tropical’s refinancing and growth. It follows an earlier Comvest Credit financing for the 2023 take-private acquisition of Fiesta Restaurant Group (the parent company of Pollo Tropical) by Authentic Restaurant Brands (a Garnett Station Partners portfolio company). Bain Capital served as a co-lender in the financing.
Originally founded in 1988, Pollo Tropical operates 125 quick-service restaurants throughout Florida and franchises 25 units primarily internationally, with locations in Puerto Rico, Central America, South America, and the Bahamas. Pollo Tropical features a menu with distinct offerings and is well-known for its citrus-marinated chicken, mojo roast pork, and sides, all served with a focus on delivering freshness and quality at a compelling value.
KEY QUOTES;
“Comvest Credit remains committed to providing capital solutions for leading niche restaurant concepts in attractive geographies. Pollo Tropical is a strong performer with a well-established brand in locations with favorable demographic trends.”
- Nick McClelland, Managing Director and Co-Head of Consumer & Retail at Comvest Credit
“Pollo Tropical marks another successful transaction closing between Comvest and Garnett Station in the restaurant space. We look forward to building on our work together in support of Pollo Tropical’s continued growth.”
- David Gibson, Managing Director and Co-Head of Consumer & Retail at Comvest Credit
“Comvest Credit continues to be a responsive financing provider for distinctive restaurant concepts across our investment portfolio. The team brought its considerable sector expertise and resources to structure a flexible financing solution that will enable Pollo Tropical to continue to capitalize on growth opportunities.”
- Howard Norowitz, Partner and Head of Debt Capital Markets at Garnett Station
