Authentic Restaurant Brands, the Austin-based operator of several regional restaurant brands and franchise concepts, including Pollo Tropical, Primanti Bros., P.J. Whelihan’s, Mambo Seafood and Tavern in the Square, has secured a $325 million capital package from London-based alternative asset manager Trimontium. The deal, announced September 10, 2026, combines debt, hybrid and equity instruments in a single structure and is intended to fund expansion within existing markets and the acquisition of additional regional restaurant brands.
Authentic Restaurant Brands (ARB) was established in 2021 as a portfolio company of Garnett Station Partners, a principal investment firm managing approximately $4.5 billion in assets. ARB’s stated strategy is to acquire regional franchise restaurant brands with established customer loyalty and long operating histories, then equip them with shared technology and operational support without stripping their local identity. The platform now spans 225 restaurants, generates more than $1 billion in combined annual revenue, carries over $150 million in EBITDA and has reported four consecutive years of positive same-store sales growth.
How the $325 Million Package Is Structured
Trimontium, an institutionally backed alternative asset manager headquartered in London and managing $1.6 billion in assets under management, originated and structured the transaction. The capital solution blends debt, hybrid and equity instruments within a single package, with funds made available over time as growth opportunities are identified.
The firm described the arrangement as tailored around ARB’s specific expansion trajectory rather than a standardized financing product. Simpson Thacher and Bartlett acted as legal adviser, Houlihan Lokey as valuation adviser and La Presa Partners as tax advisers to Trimontium. Kirkland and Ellis served as legal adviser and Evercore as financial adviser to ARB.
What ARB’s Portfolio Looks Like Today
ARB’s five current brands each have operating histories of more than 25 years. Pollo Tropical, the platform’s largest concept, operates 122 locations concentrated in Florida and generated more than $327 million in annual sales. ARB acquired Pollo Tropical’s parent company, Fiesta Restaurant Group, in a take-private transaction completed in 2024. The remaining brands cover distinct regional markets: Primanti Bros is based in Pennsylvania, West Virginia, Ohio and Maryland; P.J. Whelihan’s serves the Greater Delaware Valley including Philadelphia and South Jersey; Mambo Seafood operates in Houston; and Tavern in the Square is concentrated in the greater Boston area.
What ARB Has Said About Its Next Phase
ARB has described two uses for the capital: deepening the footprint of its existing brands within their established home markets, and pursuing selective acquisitions of additional regional restaurant concepts. The company has described its acquisition approach as focused on “hometown hero” brands with deep community roots, loyal customer bases and proven unit economics.
The Trimontium investment follows a pattern of PE-backed consolidation in the regional restaurant segment, where operators with strong local brand recognition but limited access to expansion capital have drawn interest from institutional investors. No specific acquisition targets or new market openings were disclosed in connection with the announcement.
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