Roark Capital, which owns Arby’s® Restaurants Group and also has significant stakes in Auntie Anne's, Carvel and Jimmy John's, is buying the casual dining giant Buffalo Wild Wings for $2.9 million.
Reports speculating that the deal was going to close a few weeks ago caused BWW's stock to increase, after a somewhat sluggish year for the sports-themed casual chain.
On Tuesday November 28, both the companies announced the definitive merger agreement where Arby’s® will be acquiring BWW at the price of $157 per share in cash.
Although BWW has struggled in the last year in both the stock market and same-store sales, which the CEO Sally Smith has attributed to the recent "historically high" chicken wing prices, the brand launched a campaign to combat that earlier in the year.
BWW pivoted its half-priced traditional wings on Tuesday to be a boneless wings promo. This was a risky move, but it paid off and resulted in "better-than-forecasted" same-store sales.
Even with the recent uncertainty of the casual dining market, Arby’s® is optimistic about its recent acquisition.