Authentic Restaurant Brands Completes Acquisition of Fiesta Restaurant Group

Authentic Restaurant Brands ("ARB"), a portfolio company of Garnett Station Partners, LLC ("Garnett Station" or "GSP"), a New York-based principal investment firm, today announced the completion of its previously announced acquisition of Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ:FRGI), parent company of the Pollo Tropical^® restaurant brand.

"Our distinct vision for Pollo Tropical is to amplify the fundamental aspects of the brand that customers love and expand its capabilities to deliver high-quality, affordable food in a casual setting," said Alex Macedo, Chairman of Authentic Restaurant Brands. "ARB's extensive knowledge of regional restaurant markets and expertise in growing local brands will be crucial in developing and cultivating Pollo Tropical as a leading restaurant concept."

Matt Perelman, Managing Partner and Co-Founder of Garnett Station Partners added, "We are proud to add Pollo Tropical to ARB's existing portfolio of successful culinary brands catered to local markets and look forward to working with the Fiesta team to elevate the Pollo Tropical brand together."

"We are pleased to deliver significant, immediate and compelling value to our stockholders with the completion of this transaction," said Dirk Montgomery, Fiesta Restaurant Group President and Chief Executive Officer. "We are beginning the next phase for Pollo Tropical as part of a private company with a terrific partner that brings experience, expertise and the resources to help drive our continued success. We look forward to joining the ARB and Garnett Station Partners teams as we continue providing great food and hospitality to our guests."

Under the terms of the definitive agreement, a wholly owned subsidiary of ARB acquired all of the outstanding shares of Fiesta. The consideration paid to Fiesta common stockholders as part of the transaction is $8.50 per share in cash.

Stockholders approved the merger agreement proposal at a special meeting of Fiesta stockholders on October 24, 2023, in connection with the previously announced definitive agreement between the Company and ARB. Trading of Fiesta's common stock on NASDAQ Global Exchange was halted on October 30, 2023.

About Authentic Restaurant Brands

Authentic Restaurant Brands is a holding company of powerhouse, regional food and beverage brands with extraordinary customer brand loyalty and rich, authentic stories. Established in 2021, ARB is a Garnett Station portfolio company currently comprised of three 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 and Mambo Seafood based in Houston, Texas.

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 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 Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc., owns, operates and franchises for the Pollo Tropical restaurant brand. The brand specializes in the operation of fast casual/quick service restaurants that offer distinct and unique flavors with broad appeal at a compelling value. The brands feature fresh-made cooking, drive-thru service, and catering. For more information about Fiesta Restaurant Group, Inc., visit www.frgi.com.

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