The merger agreement, under which Atlanta-based Arby’s Restaurant Group Inc. (ARG) will acquire Minneapolis-based Buffalo Wild Wings Inc. (BWW) for $157 per share in cash, was unanimously approved by both companies’ board of directors.
"Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” said Paul Brown, CEO of ARG, who will continue to serve as CEO of the parent company once the deal has closed. “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.”
ARG is majority-owned by affiliates of Roark Capital Group, an Atlanta-based private equity firm focused on investing in franchised and multi-unit businesses in the restaurant, retail and other consumer sectors.
“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,” said Sally Smith, CEO of Buffalo Wild Wings.
The transaction is expected to close during the first quarter of 2018. Following the close of the deal, BWW will be a privately-held subsidiary of ARG, and will continue to operate as an independent brand.