King & Spalding advised Roark Capital Group in the acquisition of the Arby’s restaurant chain from Wendy’s/Arby’s Group, Inc. The aggregate transaction value is estimated to be $430 million. The terms of the agreement provide for Wendy’s/Arby’s Group to receive at closing approximately $130 million of cash, subject to customary adjustments, and retain an 18.5 percent common stock interest in the Arby’s business expected to be valued at $30 million. The buyer will assume approximately $190 million of Arby’s-related debt, consisting primarily of capital lease and sale-leaseback obligations.

Atlanta-based Arby’s is the second largest quick-service sandwich chain in the U.S. with more than 3,600 restaurants worldwide, approximately one-third of which are company-owned. Arby’s also owns the franchise T.J. Cinnamons, which has more than 200 stores.

Roark Capital Group is an Atlanta-based private equity firm that specializes in consumer and business services companies, with a focus on the franchise, food and restaurant, specialty retail, environmental services, waste management and marketing services sectors. Its franchise portfolio includes Carvel Ice Cream, Cinnabon, Schlotzsky’s, Moe’s Southwest Grill, Seattle’s Best Coffee International, McAlister’s Deli, Money Mailer, FastSigns, BatteriesPlus, Primrose Schools, Wingstop, Pet Valu and Auntie Anne’s.