Fast-food chain Arby's Restaurant Group said Tuesday that it reached a deal to acquire Buffalo Wild Wings, which promotes the slogan "wings, beer, sports" in its advertisements, for $2.4 billion in cash.And this:
Burger chain Wendy's stands to gain nearly $450 million following the acquisition of Buffalo Wild Wings by Roark Capital Group.Venture capitalists owning restaurants is a recipe for shitty food and slick advertising. Think Olive Garden, for example. They tried to portray themselves as some sort of authentic Italian dining experience, but now they're basically a sit-down restaurant with the quality of a fast-food joint.
On Tuesday, the private equity firm said it would buy the chicken wing chain for $2.4 billion, or $157 per share. Buffalo Wild Wings will become a unit of Roark's Arby's and operate as an independent brand.
Currently, Wendy's owns about 18.5 percent of Arby's, with their stake valued at around $325.9 million, as of the third quarter this year.
To be fair, nobody goes to BWW for a fine dining experience. As long as they have booze and sports on the big screen TVs, their customer base probably isn't going to give a shit.
Maybe Arby's will pull the "no concealed carry allowed" policy from BWW.
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