Arby's bought Buffalo Wild Wings in a transaction that's valued at $2.9 billion. Goldman Sachs Group Inc. provided financial advice to Buffalo Wild Wings, while Minneapolis-based Faegre Baker Daniels LLP was its legal counsel.
Roark-owned Arby's Restaurant Group Inc. will operate the approximately 1,200 Buffalo Wild Wings locations as an independent subsidiary. There are now more than 1,250 Buffalo Wild Wings locations in 10 countries.
The deal still needs the approval of Buffalo Wild Wings shareholders, but is expected to close during the first few months of next year.
Arby's is majority owned by affiliates of Roark Capital Group, an Atlanta based private equity firm that focuses on investing in franchised and multi-unit businesses in the restaurant, retail, and other consumer sectors.
"We are excited to welcome a brand with such a rich heritage, led by an exceptionally talented team", Brown told Business Insider.
The agreement has been unanimously approved by both companies' boards of directors. The rebound at Arby's has come as diners turn away from so-called casual dining chains like Buffalo Wild Wings, where customers typically sit down and are served by waiters.
Buffalo Wild Wings' stock climbed 6.5% in premarket trading. "We are confident that the strength of our two industry-leading brands, under the sponsorship of Roark Capital-an experienced restaurant and food service investor-will enable us to capitalize on significant growth opportunities in the years ahead". Overall sales rose by 0.5 percent to $473 million while revenue also increased 0.5 percent to $496.7 million.
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