Atlanta — Arby's restaurant owner Roark Capital Group will buy Buffalo Wild Wings for $2.4 billion, or $157 per share. Including debt, the Buffalo Wild Wings deal is valued at about $2.9 billion.
The deal is expected to close during first quarter 2018. Following that, Buffalo Wild Wings will become a privately held unit of Arby's and operate as an independent brand. Minneapolis-based Buffalo Wild Wings has more than 1,250 locations in 10 countries. Arby's has more than 3,300 locations in seven countries.
Barclays served as financial adviser and White & Case as legal adviser to Arby's. Goldman Sachs served as financial adviser and Faegre Baker Daniels as legal counsel to Buffalo Wild Wings.
Roark Capital Group is an Atlanta-based private equity firm that focuses on middle-market investment opportunities. Roark’s portfolio companies span multiple industries; its largest sector, food and restaurants, encompasses 21 investments in brands such as: Arby’s, CKE Restaurants (the owner of Carl’s Jr and Hardee’s), Corner Bakery, Culver’s, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s) Il Fornaio, Jim ‘N Nick’s BBQ, Jimmy John’s, Miller’s Ale House, Naf Naf Grill, and Wingstop.
SOURCE: Reuters, Roark Capital Group