Miami-based quick-service restaurant chain Pollo Tropical has secured a $230m senior-secured credit facility.
Comvest Credit Partners acted as the administrative agent for the credit facility, which will support the restaurant company’s refinancing efforts and future growth.
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It follows a previous Comvest Credit financing for the 2023 take-private acquisition of Fiesta Restaurant Group, the parent company of Pollo Tropical, by Authentic Restaurant Brands.
Authentic Restaurant Brands is a portfolio company of Garnett Station Partners.
Bain Capital served as a co-lender in the financing.
Comvest Credit consumer and retail managing director and co-head Nick McClelland said: “Comvest Credit remains committed to providing capital solutions for leading niche restaurant concepts in attractive geographies.”
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By GlobalData“Pollo Tropical is a strong performer with a well-established brand in locations with favorable demographic trends.”
Founded in 1988, Pollo Tropical is known for its Latin-Caribbean-style cuisine and operates 125 quick-service restaurants across the state of Florida.
Additionally, it franchises another 25 units internationally, with locations spanning Puerto Rico, Central America, South America and the Bahamas.
Its menu features citrus-marinated chicken and mojo roast pork with a focus on delivering freshness and quality at a compelling value.
Garnett Station debt capital markets partner and head Howard Norowitz said: “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 capitalise on growth opportunities.”
