WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Comvest Credit Partners (“Comvest Credit”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent on a new $230 million senior secured credit facility (the “Financing”) for Pollo Tropical, a Miami-based quick-service restaurant chain specializing in Latin-Caribbean-style cuisine. The 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, Inc., the parent company of Pollo Tropical, by Authentic Restaurant Brands, a portfolio company of Garnett Station Partners (“Garnett Station”). Bain Capital served as a co-lender in the Financing.
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.
“Comvest Credit remains committed to providing capital solutions for leading niche restaurant concepts in attractive geographies,” said Nick McClelland, Managing Director and Co-Head of Consumer & Retail at Comvest Credit. “Pollo Tropical is a strong performer with a well-established brand in locations with favorable demographic trends.”
“Pollo Tropical marks another successful transaction closing between Comvest and Garnett Station in the restaurant space,” said David Gibson, Managing Director and Co-Head of Consumer & Retail at Comvest Credit. “We look forward to building on our work together in support of Pollo Tropical’s continued growth.”
Howard Norowitz, Partner and Head of Debt Capital Markets at Garnett Station, added, “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.”
About Pollo Tropical
Pollo Tropical is a restaurant brand that specializes in the operation of fast casual/quick service restaurants that offer distinct and unique flavors with broad appeal at a compelling value. The brand features fresh-made cooking, drive-thru service, and catering. For more information, please visit https://www.pollotropical.com.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages over $2 billion of assets. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include consumer and business services, health & wellness, automotive, and food & beverage. Garnett Station’s culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.com.
About Comvest Credit Partners
Comvest Credit Partners (“Comvest Credit”), the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $300 million-plus. For more information, please visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners (“Comvest”) is a private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure along with deep industry expertise, operating resources, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $12.9 billion in assets, and has invested over $14.4 billion since inception. Comvest is based in West Palm Beach, with offices in Chicago and New York City. For more information, please visit comvest.com.
