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Arby's/Wendy's to Sell Majority Interest in Arby's Restaurant Group
As reported in The Wall Street Journal, The New York Times, Bloomberg, Am Law Daily and other media outlets, Paul, Weiss client Arby's/Wendy's Group announced today a definitive agreement for the sale of Arby's Restaurant Group, Inc. to a buyer formed by Roark Capital Group, in a transaction with an aggregate value estimated to be $430 million. The transaction, in which Wendy's/Arby's Group will retain an 18.5 percent common stock ownership interest in the Arby's business, will provide substantial value to stockholders, deleverage the balance sheet and allow the company to devote its full attention to growth opportunities.
In 2008, Paul, Weiss represented Triarc Companies, Inc., the franchisor of Arby's, in its $2.3 billion acquisition of Wendy's, creating the nation's third-largest quick-service restaurant company.
The Paul, Weiss team representing Wendy's/Arby's in this transaction includes M&A partners Paul D. Ginsberg and Jeffrey D. Marell, and counsel Da-Wai Hu; tax partner Jeffrey B. Samuels and counsel Alyssa F. Wolpin; employee benefits partner Lawrence I. Witdorchic and counsel Reuven Falik; and finance partner Valerie Radwaner and counsel Bruce Gruder.