Roark Capital finalizes acquisition of Arby's
July 5, 2011
ATLANTA — Roark Capital Group has completed its $430 million acquisition of Arby’s Restaurant Group from the Wendy’s/Arby’s Group, Inc. Following the transaction, the Wendy’s/Arby’s Group said it has changed its corporate name to The Wendy’s Co.
“The sale of Arby’s provides substantial benefits to our stockholders, and we are pleased to have worked with Roark Capital on its successful completion,” said Roland Smith, president and chief executive officer of The Wendy’s Co. “We congratulate Roark on the Arby’s acquisition and are pleased to retain an 18.5% common stock interest in the Arby’s business. We believe in Arby’s turnaround and look forward to being able to benefit from the brand’s future successes.
“With the transaction now behind us, we look forward to devoting our full attention and resources toward realizing Wendy’s exciting growth prospects, which include revitalizing the core menu, expanding into new dayparts, including breakfast, modernizing our facilities, building new restaurants in the United States and pursuing global expansion. Our new corporate name and logo signals our commitment to the Wendy’s brand following the sale of Arby’s.”