Austin-based restaurant holding company Authentic Restaurant Brands has secured a $325 million capital package from London alternative asset manager Trimontium, money the company says will fund its next phase of growth across a portfolio that already generates more than $1 billion in annual revenue. The deal, structured as a mix of debt, hybrid, and equity instruments, is designed to provide flexible capital for the company's growth.
The financing was announced Thursday, according to Dealroom, which reported that Authentic Restaurant Brands, known as ARB, is a portfolio company of private equity firm Garnett Station Partners and operates a platform of regional restaurant brands including Pollo Tropical, Primanti Bros., P.J. Whelihan's, Mambo Seafood, and Tavern in the Square. Trimontium structured the deal from London, where the firm designs capital around clients' own objectives rather than the constraints of conventional financial products, Dealroom reported. Trimontium founder and Chief Investment Officer Vlado Spasov said the arrangement was “exactly the type of idiosyncratic opportunity Trimontium was purpose-built for.”
Trimontium itself is a newcomer, having launched in June 2026 with $1.5 billion in assets under management under Spasov's leadership, according to Alternative Credit Investor. Spasov previously worked at Blackstone before founding the firm, which targets credit and special situations across Europe and North America. That fresh capital base gave Trimontium the flexibility to design the customized package for ARB, with funds structured to draw down over time as specific growth opportunities arise, according to a GlobeNewswire release announcing the financing terms.
A Fast-Growing Portfolio Built on Local Loyalty
Founded in 2021, ARB has built a roughly $1 billion platform of five regional brands generating over $150 million in EBITDA annually, with four consecutive years of positive same-store sales growth across its restaurants, per Dealroom's reporting. The company operates 225 restaurants and uses technology and analytics to scale brands while preserving their local character, rather than pursuing the kind of national buildout typical of restaurant private-equity roll-ups.
That distinction is central to ARB's pitch. The company describes its mission as elevating local American “hometown hero” brands, and Chief Executive Officer Alex Macedo laid out the strategy explicitly at the ICR investor conference in January, telling Restaurant Business that ARB plans to acquire two or three additional regional restaurant chains over the next three to five years while aiming for an eventual IPO. ARB's Chief Financial Officer Jon Howie has noted that barbecue or pizza concepts would fit well into the company's brand criteria, according to the same report.
Macedo brings deep quick-service pedigree to the strategy. He previously served as lead operating partner at Garnett Station Partners and held senior roles as global president of Tim Hortons and president of Burger King North America, where he led the chain's U.S. turnaround before co-founding ARB, according to background provided by Nation's Restaurant News.
How ARB Built Its Regional Brand Empire
ARB acquired Pollo Tropical parent company Fiesta Restaurant Group, which operated 137 company-owned Pollo Tropical restaurants in Florida at the time, according to the Specialty Food Association.
More recently, in March 2025, ARB acquired Boston-based Broadway Hospitality Group, bringing the 17-unit polished-casual chain Tavern in the Square into its portfolio as its fifth brand transaction. Nation's Restaurant News reported that Tavern in the Square locations generated an average unit volume of approximately $7.5 million in annual revenue prior to joining the platform, a figure disclosed by Broadway Hospitality CEO Stephen DeSousa. Hoodline previously reported that the chain has since moved to open five new Massachusetts locations, including a debut in North Andover.
The model traces back further still. Mambo Seafood is one of ARB's regional restaurant brands. Hoodline has reported on the chain.
Growth Comes With Selective Cuts
ARB's expansion has not been one-directional. The company has also engaged in targeted footprint trimming, including select Primanti Bros. closures near Pittsburgh earlier this year, even as the overall platform scales.
That contrast, expanding in existing markets while trimming locations elsewhere, appears to define ARB's approach as it heads toward its next acquisition round. With Trimontium's $325 million facility now in place, the Austin-based company has the flexible capital it says it needs to pursue two or three more regional chains and continue building toward an eventual public offering.
