Arby’s announces $2.9b Buffalo Wild Wings acquisition

Transaction expected to close during first quarter of 2018.

November 28, 2017

2 Min Read
Arby’s announces $2.9b Buffalo Wild Wings acquisition

Arby’s Restaurant Group Inc. -- owned by affiliates of Roark Capital Group (Roark), an Atlanta, Ga.-based private equity firm that focuses on investing in franchised and multi-unit businesses in the restaurant, retail and other consumer sectors -- and Buffalo Wild Wings Inc. announced Nov. 28 that the companies have entered into a definitive merger agreement under which Arby’s will acquire Buffalo Wild Wings for $157 per share in cash in a transaction valued at approximately $2.9 billion, including Buffalo Wild Wings’ net debt. The agreement has been unanimously approved by both companies’ boards of directors.

"Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” Arby’s chief executive officer Paul Brown 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.”

The transaction is not subject to a financing condition and is expected to close during the first quarter of 2018, pending the approval of Buffalo Wild Wings’ shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

“We are excited about this merger and confident Arby’s represents an excellent partner for Buffalo Wild Wings,” Buffalo Wild Wings CEO Sally Smith said. “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 foodservice investor – will enable us to capitalize on significant growth opportunities in the years ahead.”

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

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