Yadav Enterprises, Inc. completed the acquisition of Taco Cabana, Inc. from Fiesta Restaurant Group, Inc..

Yadav Enterprises, Inc. agreed to acquire Taco Cabana, Inc. from Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) for $85 million on June 30, 2021. Yadav Enterprises, Inc. entered into a definitive stock purchase agreement to acquire Taco Cabana, Inc. from Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) for $85 million on July 1, 2021. The purchase price is subject to reduction for certain working capital and other closing adjustments estimated in the aggregate amount of approximately $7 million to $9 million. In the event of termination, Fiesta Restaurant shall pay Yadav Enterprises, Inc. a termination fee in the amount of $2,975,000. For the year ended January 3, 2021, Taco Cabana generated total revenues of $239.4 million and Adjusted EBITDA of $8.5 million. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the third quarter of 2021. Proceeds from the sale will be used to fully repay Fiesta's approximately $74.6 million of outstanding term loan borrowings under Fiesta's senior credit facility and to pay divestiture transaction fees and a loan prepayment premium totaling approximately $4.6 million. Wayne Wald and Palash Pandya of Akerman LLP are acting as legal advisor to Fiesta Restaurant Group. Michael Karsch and Craig Pugatch of Lorium PLLC are acting as legal advisor to Yadav Enterprises, Inc. Jefferies LLC acted as financial advisor to Fiesta Restaurant Group, Inc.

Yadav Enterprises, Inc. completed the acquisition of Taco Cabana, Inc. from Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) on August 16, 2021. Ross Vozar and Johnny Montoya of BDO USA provided tax due diligence services to Yadav Enterprises, Inc.