Wendy’s/Arby’s Group, Inc. announced a definitive agreement for the sale of Arby’s Restaurant Group, Inc. to a buyer formed by Roark Capital Group. Wendy’s/Arby’s Group will retain an 18.5% ownership interest in the Arby’s business. Atlanta-based Arby’s is the second largest quick-service sandwich chain in the U.S. with more than 3,600 restaurants systemwide. Roark Capital Group is an Atlanta-based private equity firm that focuses on investing in franchise, brand management and restaurant companies. The aggregate transaction value is estimated to be $430 million.
Roark also announced that its affiliates have acquired Il Fornaio (America) Corporation, owner of Corner Bakery Cafe and Il Fornaio Restaurants and Bakeries. Headquartered in Dallas, Texas, Corner Bakery Cafe and operates 119 locations nationwide.
Il Fornaio, averaging over $5 million in annual sales per restaurant, is an upscale Italian restaurant concept and has started over 20 years ago. Founded in Italy and based in Corte Madera, California, Il Fornaio owns and operates 22 full-service Italian restaurants in California and across the United States.
With this acquisition, Roark has invested in 20 franchise businesses that operate in 50 states and 43 countries. Corner Bakery Cafe and Il Fornaio will be Roark’s 10th restaurant investment along with FOCUS Brands, parent company of Carvel Ice Cream, Cinnabon, Schlotzsky’s, Moe’s Southwest Grill, Auntie Anne’s Pretzel’s and the Franchisor of Seattle’s Best Coffee on certain military bases and in certain international markets, as well as McAlister’s Deli, and Wingstop, which are not affiliated with FOCUS Brands. Other franchise and brand management companies owned by Roark include Batteries Plus, Pet Valu, Bosley’s Pets, FastSigns, Money Mailer, and Atkins Nutritionals.
