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.
The Akerman team representing Carrols Restaurant Group in this transaction also included of counsel Palash Pandya. Both Wald and Pandya are based in the firm’s New York office and were assisted by a team of Akerman attorneys in New York and Florida.
“We are proud of Wayne’s leadership and the team’s accomplishments on behalf of our client,” said Mary Carroll, chair of the Akerman National Corporate Practice Group. “We remain committed to delivering the high quality, middle market-focused corporate legal services Akerman is known for and look forward to counseling our clients on other complex transactions in the coming months.”
Akerman is recognized by U.S. News – Best Lawyers as a leading U.S. law firm for Corporate, M&A, Private Equity, Securities/Capital Markets, and Securities Regulation Law. In addition, Akerman’s Corporate Practice Group is recognized by The Legal 500 within the National Firms – Middle-Market category and is ranked #1 by Chambers USA for Corporate/M&A & Private Equity in Florida. Akerman’s Corporate Practice Group advises public and private companies, including private equity funds, in mergers & acquisitions, securities offerings, financings and other transactional matters, with a strong focus on the middle market.
