Pollo Tropical is Authentic’s largest holding.Photo courtesy of Pollo Tropical
The owner of Pollo Tropical, P.J. Whelihan’s, and other regional restaurant brands has landed a $325 million investment to help it grow.
London-based asset manager Trimontium is providing the “flexible capital solution” to Authentic Restaurant Brands, which will use it to open more locations and acquire more brands.
Austin-based Authentic also owns Primanti Bros, Tavern in the Square, and Mambo Seafood. Its strategy is to grow these “hometown hero” brands within their existing markets while also modernizing them with investments in technology and analytics. It was founded in 2021 as a subsidiary of private-equity firm Garnett Station Partners.
It currently spans 225 locations and more than $1 billion in combined annual revenue, and has recorded four straight years of positive same-store sales growth, according to a press release. Florida-based fast casual Pollo Tropical is Authentic’s largest concept, with 122 locations and more than $327 million in sales last year, per Technomic data. Its most recent acqusition was 21-unit Tavern in the Square last year.
The funding from Trimontium will help Authentic accelerate its efforts, said Authentic co-founder and CEO Alex Macedo. It includes debt, equity, and hybrid financing, with more capital available over time to support growth.
“Trimontium understood how we operate from the first conversation and structured their solution around what will support the business today while building in flexibility for future growth,” Macedo said in a statement. “We are excited for this next chapter.”
