Fast food giant Arby's completed its deal to buy Buffalo Wild Wings on Monday and created a new company named Inspire Brands that will run the chains.
Inspire Brands will oversee Arby's, Buffalo Wild Wings and a small chain with about 30 locations called R Taco. Arby's, known for its meaty sandwiches, has more than 3,400 restaurants in seven countries; Buffalo Wild Wings has more than 1,200 locations in 10 countries.
FIRST REPORT:
Restaurant chain Arby's will acquire Buffalo Wild Wings for more than $2 billion.
Arby's Restaurant Group said it will pay $157 per share for Buffalo Wild Wings, a transaction valued at approximately $2.9 billion - including Buffalo Wild Wings' debt. The transaction is expected to close during the first quarter of 2018.
Credit: Joe Raedle
Credit: Joe Raedle
“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” Paul Brown, CEO of Arby’s Restaurant Group, Inc,said. “We are excited to welcome a brand with such a rich heritage, led by an exceptionally talented team. We look forward to leveraging the combined strengths of both organizations into a truly differentiated and transformative multi-brand restaurant company.”
Arby's is majority owned by affiliates of Roark Capital Group, an Atlanta-based private equity firm.
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