The Pollo Tropical restaurant chain is nearing a deal to be bought by an investment firm for $225 million, The Wall Street Journal's Lauren Thomas reports. Authentic Restaurant Brands, part of New York-based Garnett Station Partners, plans to add the fast-casual restaurant operator to a portfolio that already includes sandwich chain Primanti Bros., according to people familiar with the matter. The deal for Pollo Tropical parent Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) is worth $8.50 per share, the author notes.

The deal is expected to be made official by 07 August 2023.