Authentic Restaurant Brands Adds Tavern in the Square As its Latest Fortress Regional Brand; Appoints Veteran Leadership Team to Supercharge Platform's Growth

ARB's Portfolio of Regional Restaurant Brands Reaches $1 Billion in Annual Revenue

Alex Macedo named Chief Executive Officer; Jon Howie named Chief Financial Officer

Authentic Restaurant Brands ("ARB"), a platform of leading regional restaurant brands and portfolio company of Garnett Station Partners, LLC ("Garnett Station" or "GSP"), today announced that Tavern in the Square ("Tavern"), the iconic New England polished-casual dining brand, has joined ARB through the recapitalization of its parent company, Broadway Hospitality Group ("BHG").

The transaction, ARB's fifth in five years, grows the ARB platform to approximately $1 billion in annual revenue and over $150 million in EBITDA. Financial terms of the transaction were not disclosed. Tavern in the Square will benefit from ARB's operational support, strategic capital and technological resources to drive growth in core and adjacent markets.

"Tavern in the Square is a New England institution renowned for its exceptional food, guest loyalty and deep local roots. It's exactly the type of brand that aligns and will thrive within our portfolio of authentic restaurant brands," said Alex Macedo, Chairman and Chief Executive Officer of ARB. "This is what ARB does best. We identify standout, regional brands, equip them with access to industry-leading technology, data analytics and operational expertise and unlock new growth levers, all while preserving the integrity and defining characteristics of the brand. We look forward to partnering with BHG's CEO Stephen DeSousa and his team to build on their impressive track record."

Stephen DeSousa, CEO of Broadway Hospitality Group, said, "With ARB as our partner, we gain the best of all worlds – access to the capital, expertise and best practices to make us even better – without sacrificing guest experience, so we can continue delivering exceptional local dining experiences. I am thrilled to be working with ARB's team to capitalize on the significant opportunities and white space ahead."

ARB's portfolio also includes regional fortress brands: Primanti Bros. Restaurant & Bar, based in Pennsylvania, West Virginia, Ohio and Maryland; P.J. Whelihan's Pub & Restaurant, based in the Greater Delaware Valley, including Philadelphia and Southern New Jersey; Mambo Seafood, based in Houston and San Antonio, Texas; and Pollo Tropical, based in Florida.

Leadership Transition

As part of today's announcement, Alex Macedo has been appointed Chairman and Chief Executive Officer of ARB, and Jon Howie has been appointed Chief Financial Officer.

Mr. Macedo, formerly Lead Operating Partner at GSP, is the Co-Founder and current Executive Chairman of ARB. He replaces departing CEO, Felipe Athayde. Mr. Macedo brings over two decades of marketing and operations experience in consumer businesses to ARB, having previously held senior executive roles at global brands, including Global President of Tim Horton's and President of Burger King North America.

Mr. Howie joins from Chuy's Holdings, Inc., where he served as Chief Financial Officer from 2011 through to its sale to Darden (NYSE:DRI) in Q4 2024 and was also a member of the board of directors. Mr. Howie brings over three decades of restaurant experience having previously held senior executive roles with Lone Star Steakhouse & Saloon, Inc and Del Frisco's Restaurant Group, Inc.

Matt Perelman, Managing Partner and Co-Founder of Garnett Station, said, "Felipe has played a pivotal role establishing and growing ARB from concept to billion-dollar platform. We are grateful for his significant contributions and wish him every success in his next endeavor. As we look ahead, ARB is primed to build on this momentum, benefiting from Alex's global operational expertise and Jon's public company experience as we continue to scale the platform and drive industry-leading performance across our brands."

Mr. Macedo added, "Having been a part of ARB since the beginning, it's amazing to see the rapid growth the team has accomplished in just five years under Felipe's leadership. As we enter this next phase, I'm excited to deepen my role in advancing our strategy as we continue to leverage strong free cash flow to scale the platform, while supercharging leading regional restaurant concepts within their distinct markets."

Mr. Howie commented, "The caliber of ARB's brands and the sophistication of the platform stands out in the industry today and I am honored to join a team of visionary operators at this exciting time. I look forward to supporting our brands to deliver best in class financial performance, while supporting the next chapter of growth for ARB."

About Alex Macedo

Alex Macedo is the Co-Founder, Chairman & CEO of Authentic Restaurant Brands. He was formerly the Lead Operating Partner at Garnett Station Partners, a $3.5 billion investment firm, where he oversaw the firm's management and operational improvement initiatives. Mr. Macedo is a former executive at Restaurant Brands International, where he served as global President of Tim Hortons, the largest Canadian restaurant company. Previously, he was the President of Burger King North America, where he led the business' turnaround in the United States. Prior to joining Burger King, Mr. Macedo was Founder and Partner of True Marketing, a Latin American sales & marketing consulting company. He also worked at AmBev, owned by AB Inbev, where he served as head of the Brahma Beer business unit.

Mr. Macedo was a board member of Brinker International (NYSE:EAT), one of the leading casual dining restaurant companies, from 2021 to 2022. He received a B.A. from New York University's Leonard N. Stern School of Business and an M.B.A. from INSEAD.

About Jon Howie

Jon W. Howie joins ARB from Chuy's Holdings, Inc., where he served as Chief Financial Officer since August 2011, Vice President since April 2013 and member of the board since May of 2018. Prior to Chuy's, Mr. Howie served as the Chief Financial Officer of Del Frisco's Restaurant Group, Inc. from March 2007 to July 2011. During his seven-year tenure at Lone Star Steakhouse & Saloon, Inc., he served as Chief Financial Officer, Chief Accounting Officer and Controller. Earlier in his career, he was in several professional roles at Grant Thornton, LLP and Ernst & Young LLP. Mr. Howie is a Certified Public Accountant.

About Authentic Restaurant Brands

Authentic Restaurant Brands is a platform of powerhouse, regional restaurant brands with extraordinary customer brand loyalty and rich, authentic stories. Established in 2021, ARB is a Garnett Station Partners portfolio company currently comprised of five market-leading, iconic brands, each with over 25-year operating histories, including Primanti Bros Restaurant & Bar, based in Pennsylvania, West Virginia, Ohio and Maryland, P.J. Whelihan's Pub & Restaurant, based in the Greater Delaware Valley, including Philadelphia and South Jersey, Mambo Seafood, based in Houston and San Antonio, Texas, Fiesta Restaurant Group, parent company of Pollo Tropical, based in Florida and Broadway Hospitality Group, parent company of Tavern in the Square.

ARB is strongly committed to growing each of our brands by leveraging their respective foundations, while sharing best practices across our portfolio under our common ownership. For more information, please visit www.authenticrb.com.

About Broadway Hospitality Group

Broadway Hospitality Group (BHG) is a full-service hospitality management company headquartered in South Boston, Massachusetts. Established in 2004, BHG has established a reputation for creating and operating unique dining experiences throughout the Greater Boston area. BHG's portfolio includes 17 Tavern in the Square locations, as well as other celebrated concepts The Broadway, The Mercantile, The Derby and The PlayWright.

Each restaurant within the BHG family has its own distinct identity, but all share a commitment to delivering exceptional guest experiences tailored to the neighborhoods they serve. BHG is dedicated to excellence, aiming to exceed expectations with every visit and provide guests with an unforgettable experience.

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