The owner of Pollo Tropical, Primanti Bros, and other regional restaurant chains has secured a $325 million investment to fund new locations and acquisitions. London-based asset manager Trimontium is providing the capital to Austin-based Authentic Restaurant Brands, which the company says will accelerate its growth strategy.
The deal includes debt, equity, and hybrid financing, with more capital available over time. Authentic co-founder and CEO Alex Macedo said the structure was built around the company’s current needs while leaving room for future expansion.
The Investment Announcement
Authentic Restaurant Brands announced the investment this week. Trimontium, the London asset manager, is providing what the company called a “flexible capital solution.” The funding package combines multiple financing types, and additional capital can be unlocked later to support further growth.
Macedo framed the partnership as a meeting of minds. “Trimontium understood how we operate from the first conversation and structured their solution around what will support the business today while building in flexibility for future growth,” he said in a statement. “We are excited for this next chapter.”
The company has hinted at a potential IPO in three to five years, a timeline it mentioned earlier this year. The new investment gives it a stronger balance sheet to pursue that path or to continue expanding privately.
The Brand Portfolio
Authentic Restaurant Brands was founded in 2021 as a subsidiary of private-equity firm Garnett Station Partners. Its portfolio consists of what the company calls “hometown hero” brands — regional chains with loyal local followings that it aims to grow within their existing markets.
The largest concept is Pollo Tropical, a Florida-based fast casual chicken chain. It has 122 locations and recorded more than $327 million in sales last year, according to Technomic data.
The rest of the portfolio spans different regions and formats. P.J. Whelihan’s is part of the group. Mambo Seafood serves Gulf Coast-style seafood in Texas. Tavern in the Square, a New England bar and grill concept with 21 units, was Authentic’s most recent acquisition last year.
The Growth Strategy
Authentic’s approach is not to take these regional brands national. Instead, it plans to deepen their presence where they already have name recognition. The company will use the Trimontium funding to open more locations within existing markets and to acquire additional regional brands that fit the same profile.
Alongside expansion, Authentic is modernizing its operations. The company said it is investing in technology and analytics to update how its restaurants run, from back-of-house systems to customer-facing digital tools.
The strategy has shown results so far. Authentic currently spans 225 locations and generates more than $1 billion in combined annual revenue. The company reported four straight years of positive same-store sales growth, a measure of how existing locations are performing without counting new openings.
That track record matters in the current restaurant climate, which has been tough for many chains. Consumers have cut back on dining out, and overall chain restaurant sales have slowed.
Industry Headwinds
The broader industry backdrop helps explain why Authentic’s growth stands out. Technomic’s Top 500 report, which tracks the largest restaurant chains, found that sales slowed again in 2025. The report, titled “Spotlight,” described it as another tough year for chain restaurants as consumers pulled back on spending.
Not every segment struggled equally. The report noted that coffee, beverages and snacks, and chicken were sectors that thrived even as the overall market softened. That bodes well for Pollo Tropical, which sits squarely in the chicken category.
Authentic’s focus on regional brands also insulates it from some of the pressures facing national chains. The company’s four consecutive years of positive same-store sales suggest that approach is working.
Where the Capital Goes
The $325 million investment is not earmarked for a single project. It is a flexible pool of capital that Authentic can deploy across its growth priorities.
The first priority is real estate. Opening more locations requires capital for leases, construction, and equipment. The funding gives Authentic the ability to accelerate its store-opening pipeline across its existing brands.
The second priority is acquisitions. Authentic has shown a pattern of buying regional chains and folding them into its portfolio. Tavern in the Square was the most recent example, and the company has signaled it wants more deals of that kind.
The third priority is modernization. The company’s investments in technology and analytics are ongoing, and the new capital supports those efforts as well.
Macedo said the funding will help Authentic “accelerate its growth.” The structure of the deal — with more capital available over time — means the funding arrangement can adapt as the company’s needs evolve.
The Hard Numbers
- $325 million: size of the investment from Trimontium
- 225: Authentic’s total location count
- More than $1 billion: combined annual revenue
- 4: consecutive years of positive same-store sales growth
- 122: Pollo Tropical locations
- More than $327 million: Pollo Tropical sales last year
- 21: Tavern in the Square units, acquired last year
- 2021: year Authentic was founded
- 3 to 5 years: potential timeline for an IPO, mentioned earlier this year
Comparing the Key Players
| Company | Role |
|---|---|
| Authentic Restaurant Brands | Portfolio owner |
| Trimontium | Capital provider |
| Pollo Tropical | Largest concept |
| Tavern in the Square | Most recent acquisition |
| Garnett Station Partners | Parent private-equity firm |
The Road Ahead
Authentic has not announced specific locations or acquisition targets. The company said the funding will help it open more restaurants and add more regional brands, but it has not named which concepts will expand first or where.
The potential IPO remains on the horizon. Authentic said earlier this year it could go public in three to five years. The Trimontium investment does not change that timeline.
For the brands themselves, the immediate effect is likely to be continued steady growth within their home markets. Pollo Tropical will remain the flagship, and the smaller concepts will keep building out their regional footprints.
The restaurant industry’s broader struggles are not going away. But Authentic has carved out a position that appears resilient: regional loyalty, a strong chicken brand, and now a deep pocket of capital to keep pushing forward.
Source: nrn.com
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