Authentic Restaurant Brands (ARB), the Austin-based restaurant platform behind Pollo Tropical, Primanti Bros., P.J. Whelihan’s, Mambo Seafood and Tavern in the Square, has secured a $325 million flexible capital package from London-based alternative asset manager Trimontium to accelerate restaurant development and pursue additional regional brand acquisitions.
Announced on September 10, the financing combines debt, hybrid and equity instruments, with capital available over time as ARB identifies new growth opportunities. The company said the investment will support expansion within its existing markets as well as the selective acquisition of additional “hometown hero” restaurant concepts.
The funding comes as ARB has built a portfolio of more than 225 restaurants generating over $1 billion in combined annual revenue and more than $150 million in EBITDA. The company has also reported four consecutive years of positive same-store sales growth.
Founded in 2021 as a portfolio company of Garnett Station Partners, ARB has pursued a strategy of acquiring established regional restaurant brands and providing them with capital, technology, data analytics and operational support while retaining their local identity. Its current five-brand portfolio comprises Pollo Tropical, Primanti Bros., P.J. Whelihan’s, Mambo Seafood and Tavern in the Square.
Pollo Tropical is the largest brand in the portfolio, with ARB currently listing 122 locations. The Florida-based Latin-Caribbean fast-casual chain was acquired through ARB’s purchase of Fiesta Restaurant Group in 2023. While Pollo Tropical is predominantly company-operated in the U.S., it has a franchise and licensing business outside the continental U.S., including markets in the Caribbean and South America. The brand is currently seeking qualified franchise partners in select markets and requires significant multi-unit restaurant experience, a minimum $5 million net worth and $1.5 million in liquid assets.
The other brands are similarly rooted in concentrated regional markets. Primanti Bros., founded in Pittsburgh in 1933, has 33 locations across Pennsylvania, West Virginia, Ohio and Maryland, according to ARB. The sandwich chain does not currently franchise, meaning its growth remains company-led rather than driven by franchise development.
P.J. Whelihan’s, meanwhile, operates across the Greater Philadelphia and South Jersey market and has historically focused on growing within its regional footprint rather than pursuing franchising. Mambo Seafood operates in Texas, while Tavern in the Square has expanded across New England and is listed by ARB at 24 locations.
Tavern in the Square became ARB’s fifth major acquisition in five years when it joined the platform in 2025 through a recapitalization of its parent, Broadway Hospitality Group. At the time, the addition pushed ARB’s platform to approximately $1 billion in annual revenue and more than $150 million in EBITDA.
The strategy reflects ARB’s broader ambition to build a national restaurant platform without turning its regional brands into standardized national chains. CEO and co-founder Alex Macedo has said the company intends to become national by acquiring strong regional concepts around the U.S., rather than attempting to push one brand into every market.
The new $325 million financing gives that acquisition strategy additional firepower. Rather than relying solely on organic restaurant openings, ARB can use the capital to add established regional chains to its portfolio and then apply its shared technology, analytics, operational expertise and investment resources to support their expansion.
For the franchise sector, the deal is significant because it highlights continued investor interest in regional restaurant brands with established customer loyalty and scalable development opportunities. ARB’s portfolio combines both franchise-capable concepts, such as Pollo Tropical’s international franchise operation, and predominantly company-owned regional chains, giving the platform multiple routes to growth.
