Comvest Credit Partners, a provider of direct financing solutions to middle-market companies, acted as administrative agent on a new $230 million senior secured credit facility for Pollo Tropical, a Miami-based quick-service restaurant chain. 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, the parent company of Pollo Tropical, by Authentic Restaurant Brands, a portfolio company of Garnett Station Partners. Bain Capital served as a co-lender in the financing.
“Comvest Credit remains committed to providing capital solutions for leading niche restaurant concepts in attractive geographies,” Nick McClelland, managing director and co-head of consumer and retail at Comvest Credit, said. “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,” David Gibson, managing director and co-head of consumer and retail at Comvest Credit, said. “We look forward to building on our work together in support of Pollo Tropical’s continued growth.”
“Comvest Credit continues to be a responsive financing provider for distinctive restaurant concepts across our investment portfolio,” Howard Norowitz, partner and head of debt capital markets at garnett station, said. “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.”
