Authentic Restaurant Brands has secured a $325 million capital package to accelerate restaurant development and pursue additional acquisitions.
The infusion came from London-based firm Trimontium. The investment includes debt and equity, with funding available as ARB identifies growth opportunities.
It will support expansion across ARB’s existing markets and the selective acquisition of more regional restaurant concepts.
Founded in 2021 and headquartered in Austin, Texas, ARB owns Pollo Tropical, Tavern in the Square, P.J. Whelihan’s, Mambo Seafood, and Primanti Bros. The portfolio encompasses 225 restaurants that collectively produce more than $1 billion in annual revenue and over $150 million in EBITDA.
ARB has also recorded four consecutive years of positive same-store sales growth.
The company, backed by Garnett Station Partners, targets established regional concepts with deep community ties and loyal customer bases. Its model gives acquired brands access to technology, data, analytics, and shared resources intended to support expansion without stripping away their local identities.
“Our growth has always been deliberate,” ARB cofounder, chairman, and CEO Alex Macedo said in a statement. “We buy brands people love, we keep the operators who built them and we give them the tools to scale efficiently and thoughtfully. This capital lets us do more of that, faster.”
Garnett Station formed ARB in 2021 through the acquisition of Primanti Bros., a Pittsburgh-based concept founded in 1933. The platform added P.J. Whelihan’s in 2022, Houston-based Mambo Seafood and Pollo Tropical parent Fiesta Restaurant Group in 2023, and Tavern in the Square parent Broadway Hospitality Group in 2024.
Each of ARB’s five concepts has operated for more than 25 years. The portfolio spans several distinct geographic territories, including Florida, Texas, Pennsylvania, Maryland, Ohio, West Virginia, Massachusetts, Philadelphia, and South Jersey.
Trimontium founder and chief investment officer Vlado Spasov described ARB as a high-quality restaurant business with a differentiated platform and a clearly defined expansion strategy. He also pointed to Garnett Station’s operating experience in foodservice as a key component of the transaction.
Trimontium manages $1.6 billion in assets and provides flexible capital solutions to companies in Europe and North America. The firm is headquartered in London, maintains a presence in Luxembourg, and plans to expand into New York.
Garnett Station, founded in 2013, manages approximately $4.5 billion in assets. Its primary investment categories include consumer and business services, health and wellness, automotive, and food and beverage.
Simpson Thacher & Bartlett served as Trimontium’s legal adviser. Houlihan Lokey acted as valuation adviser, and La Presa Partners served as tax adviser. Kirkland & Ellis acted as ARB’s legal adviser, with Evercore serving as financial adviser.
“Trimontium understood how we operate from the first conversation and structured their solution around what will support the business today,” Macedo said. “We are excited for this next chapter.”
