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    The Wendy's Company Has New Name After it Finalizes $430 Million Arby's Sale to Roark


    Wendy’s/Arby’s Group has finalized the $430 million sale of Arby's to Roark Capital Group, effective July 4, without changes to the original terms of the sale announced June 13.

    The acquisition of Arby's by Roark Capital was initially announced the same day that the franchising private equity firm purchased the upscale Il Fornaio and fast casual Corner Bakery Cafe brands. Roark already owns FOCUS brands, which includes Cinnabon and Schlotzky's, along with the McAlister's Deli sandwich concept.

    As confirmed by Quick Serve Leader, Roark will not fold Arby's into FOCUS brands.

    The Wendy's/Arby's Group will change its name to The Wendy's Company effective today. Although the stock has a new CUSIP number (95058W 100), there are no other changes that will affect common shares or stock holders.

    "We congratulate Roark on the Arby’s acquisition and we are pleased to retain an 18.5 percent common stock interest in the Arby’s business. We believe in Arby's turnaround and look forward to being able to benefit from the brand’s future successes," said Roland Smith, president and CEO of The Wendy's Company.

    Executives at The Wendy's Company indicated they will continue to revitalize the core menu, expand day parts, with a focus on breakfast, and build new restaurants domestically and abroad. Arby's will be reported as a discontinued operation, and this will be reflected in the second quarter 2011 earnings release August 11.

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    Source: Business Wire, Kandessa Media

    Copyright: Kandessa Media. All rights reserved.

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    This story appears in:  Fast Food | Chain News