West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it is acting as Administrative Agent and is the Sole Lender on a $115 million senior secured credit facility (the “Financing”) for Pollo Tropical (the “Company”), a Miami-based fast-casual restaurant chain. The Financing supported the take-private acquisition of Fiesta Restaurant Group, Inc. (NASDAQ: FRGI), the publicly traded parent company of Pollo Tropical, by Authentic Restaurant Brands, a portfolio company of Garnett Station Partners (“Garnett Station”). The financing also provides committed capital to support the ongoing operations of the business.

Founded in 1988, Pollo Tropical is a Latin-Caribbean-style restaurant operator with a focus on citrus-marinated grilled chicken. The Company operates more than 130 locations throughout Florida and franchises over 20 units internationally in Puerto Rico, Central America, South America and the Bahamas. Pollo Tropical serves chickens that are never frozen and free of hormones and trans-fats. Its menu features freshly made food ranging from grilled chicken to slow-roasted mojo pork.

“As an active and experienced investor in well-positioned quick-service restaurant concepts, Comvest Credit Partners is pleased to support the continued development of Pollo Tropical,” said Dan Lee, a Partner and Co-Head of Consumer & Retail at Comvest. “Pollo Tropical is a well-performing and differentiated brand with a strong local presence in its served markets.”

“Pollo Tropical marks our sixth successful transaction alongside Garnett Station, a sponsor with significant investment and operating expertise in the restaurant space,” said Nick McClelland, a Managing Director and Co-Head of Consumer & Retail at Comvest. “We look forward to continuing to build our relationship with the team in support of Pollo Tropical’s growth.”

Howard Norowitz, Partner and Head of Debt Capital Markets at Garnett Station, added, “Over the years, Comvest has been a reliable financing partner in support of other distinctive franchise concepts across our investment portfolio. This transaction required a committed, single-source financing solution on an accelerated timeline. Comvest again delivered, providing a tailored loan package that addressed our investment needs.”

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, please visit www.frgi.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 Comvest Credit Partners

Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $250 million-plus. For more information, please visit www.comvest.com/direct-lending.

About Comvest Partners

Comvest Partners is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages more than $9.5 billion in assets, and has invested over $11.7 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.