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June 13, 2011 6:42 PM

Paul Weiss, King & Spalding, DLA Piper Advise on Arby's Deal

Posted by Dan Kaplan

Wendy's/Arby's Group Inc. said Monday it reached a deal to sell the majority of its Arby's restaurant business to private equity firm Roark Capital Group for $130 million in cash. 

Roark also will assume Arby's $190 million debt, while Wendy's retains an 18.5 percent stake in the chain.

Wendy's and Arby's merged in 2008 when former Arby's parent, Triarc Companies, acquired Wendy's for about $2.34 billion. The deal created the Wendy's/Arby's Group. 

Roark, which also controls franchises like Carvel Ice Cream and Cinnabon, agreed to invest $50 million in Arby's through 2013. Arby's has more than 3,600 restaurants. 

King & Spalding and DLA Piper advised Roark in the negotiations.

A King & Spalding team was led by corporate partner Raymond Baltz, from the firm's Atlanta office. Baltz's team also included corporate partners Jaron Brown and William Roche (both from the Atlanta office), tax partner L. Wayne Pressgrove Jr. (Atlanta), employee benefits partner Kenneth Raskin (New York), finance partner Robert Finley (New York), and antitrust partner Jeffrey Spigel (Washington, D.C.).

Most of the same team also worked with Roark for its acquisition of restaurant company Il Fornaio Corp. from New York-based private equity investment firm Bruckmann, Rosser, Sherrill & Co, also announced today. Roark's general counsel is Stephen Aronson.

DLA Piper didn't return a call seeking information on the firm's role advising Roark.

Paul, Weiss, Rifkind, Wharton & Garrison represented Wendy's on the deal. Its team included corporate partners Jeffery Marell and Paul Ginsberg, tax partner Jeffrey Samuels, and employee benefits partner Lawrence Witdorchic, all from the firm's New York office. Paul Weiss also represented Triarc when it acquired Wendy's in 2008.

Wendy's said it expects the deal to close in the third quarter.

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