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Business

Arby’s to acquire Buffalo Wild Wings for 2.9 Billion

The agreement has been approved by the boards of both companies and is expected to close in the first quarter of next year. It must be approved by BWW shareholders.

Arby’s has agreed to pay $157 per share, a 38 percent premium, according to a news release from BWW. The transaction value includes BWW’s net debt.

 

 

“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual-dining restaurant companies in America,” said Paul Brown, CEO of Arby’s. “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 multibrand restaurant company.”

Following the close of the transaction, BWW will be a privately held subsidiary of Arby’s Restaurant Group and will continue to be operated as an independent brand. Brown will serve as CEO of the parent company.

“We are excited about this merger and confident Arby’s represents an excellent partner for Buffalo Wild Wings,” said Sally Smith, CEO of BWW. “This transaction provides compelling value to our shareholders and is a testament to the hard work and efforts of our talented team members and franchisees. 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.”

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.

Arby’s has four restaurants in Sioux Falls. A Buffalo Wild Wings franchise operator has two locations here and is building a third.

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