Wendy's/Arby's Group Inc. (WEN) Tuesday said it has completed the sale of Arby's Restaurant Group Inc. to private equity firm Roark Capital Group, effective July 4. Following the completion of the sale, the company has changed its corporate name to "The Wendy's Company."
Wendy's common stock will continue to trade on the NYSE under the ticker "WEN."
On June 13, 2011, fast food chain Wendy's/Arby's Group announced the agreement to sell most of Arby's Restaurant Group to a buyer formed by private equity firm Roark Capital Group, for an estimated value of $430 million.
Chief Executive Roland Smith said, "We congratulate Roark on the Arby's acquisition and are we are pleased to retain an 18.5% 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."
Atlanta-based Arby's is the second largest quick-service sandwich chain in the U.S. with more than 3,600 restaurants.
Wendy's plans to release financial results of second quarter on August 11, 2011 before the market opens.
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