Burger King franchisee Carrols Restaurant Group Inc. said Wednesday its board of directors had approved the spin-off of Fiesta Restaurant Group Inc., an indirect wholly owned subsidiary comprising the Pollo Tropical and Taco Cabana fast-casual brands.
The spin-off of Fiesta, which is expected to be finalized May 7, will be completed through a tax-free dividend of common stock of Fiesta to Carrols’ shareholders.
As of Jan. 1, 2012, Fiesta’s company-owned restaurants included 91 Pollo Tropical locations and 158 Taco Cabana outlets. Read more.