NEW YORK — Months after the Atlanta-based Arby’s/Wendy’s Group made plans to sell its struggling Arby’s franchise, it’s been announced that a majority stake in the roast beef sandwich chain will be sold to the Atlanta-based private equity firm, Roark Capital Group.
In a interview with the Associated Press, Wendy’s/Arby’s Group CEO Roland Smith, who was Arby’s CEO from 1997 to 1999, and then again starting in 2006, stands behind the 2008 deal that merged the two chains. “At the time we put the two brands together it was the exact right thing to do, but any business that continues to do well and perform has to be nimble and adapt,” he said.Roark Capital Group, which also owns Moe’s Southwest Grill, Cinnabon and other restaurants, agreed to pay about $130 million for the Arby’s brand. Arby’s/Wendy’s Group will retain an 18.5-per-cent stake in the company.
