Authentic Restaurant Brands (ARB) has completed the acquisition of Fiesta Restaurant Group, the parent company of US-based fast food restaurant brand Pollo Tropical.

Fiesta owns, operates and franchises the Pollo Tropical restaurant brand.

The quick service restaurant chain Pollo Tropical serves Latin-Caribbean-inspired food items such as grilled chicken and slow-roasted mojo pork.

It offers drive-through and catering services.

As per the terms of this transaction, all the outstanding shares of Fiesta have been acquired by a wholly-owned subsidiary of ARB.

Fiesta common stockholders have received a total cash consideration of $8.50 per share.

ARB chairman Alex Macedo said: “Our distinct vision for Pollo Tropical is to amplify the fundamental aspects of the brand that customers love and expand its capabilities to deliver high-quality, affordable food in a casual setting.

“ARB’s extensive knowledge of regional restaurant markets and expertise in growing local brands will be crucial in developing and cultivating Pollo Tropical as a leading restaurant concept.”

The deal, first announced in August this year, was approved by Fiesta shareholders during a special meeting held on 24 October.

The trading activities of Fiesta’s common stock on the NASDAQ Global Exchange were suspended on 30 October.

ARB is a portfolio company of New York-based principal investment firm Garnett Station Partners (GSP).

Fiesta Restaurant Group president and CEO Dirk Montgomery said: “We are pleased to deliver significant, immediate and compelling value to our stockholders with the completion of this transaction.

“We are beginning the next phase for Pollo Tropical as part of a private company with a terrific partner that brings experience, expertise and the resources to help drive our continued success.

“We look forward to joining the ARB and Garnett Station Partners teams as we continue providing great food and hospitality to our guests.”