Akerman Senterfitt has represented Carrols Restaurant Group, Inc., one of the largest restaurant companies in the United States and the largest Burger King franchisee, in the spin-off of its wholly owned subsidiary, Fiesta Restaurant Group, Inc., which owns and operates the Pollo Tropical and Taco Cabana restaurant brands. The spin-off was completed this week through the distribution of all of the outstanding common stock of Fiesta Restaurant Group to Carrols Restaurant Group’s stockholders.
As a result of the spin-off, Fiesta Restaurant Group became an independent public company and its stock is traded on the NASDAQ Global Select Market. The stock of Carrols Restaurant Group, a public company, will continue to trade on the NASDAQ Global Market.
“We are delighted to help our client structure and complete this spinoff, enabling both Carrols Restaurant Group and Fiesta Restaurant Group to focus on their distinct businesses and pursue their own strategies and growth plans,” said Wayne Wald, shareholder in Akerman’s Corporate Practice Group and lead lawyer on the deal.