Minneapolis-based restaurant Buffalo Wild Wings is being acquired by private equity firmRoark Capital Group for $157 a share in cash. The transaction is valued at about $2.9 billion, including Buffalo Wild Wings’ net debt. Roark’s other restaurant holdings include Arby’s and Cinnabon.
Under the deal, expected to close during the first quarter of 2018, Buffalo Wild Wings will be a subsidiary of Arby’s but will continue to operate as an independent brand, according to companies. Arby’s Restaurant Group CEO Paul Brown will serve in that role of the expanded company.
The acquisition marks a rough few years for Buffalo Wild Wings. Falling sales were made worse by higher prices for chicken wings. The chain lost a proxy fight with activist Marcato Capital Management this past June. As a result, the casual dining brand’s longtime CEO Sally Smith announced that she would resign at the end of the year.
Founded in 1982, Buffalo Wild Wings has been publicly owned since 2003. The chain, known for its signature chicken wings and beer selection, currently operates more than 1,250 locations in 10 countries.