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đź”´ PRIVATE EQUITY OWNED

Arby's

fast food · Atlanta, GA

PE Firm

Roark Capital

Acquirer

Inspire Brands

Year Acquired

2011

“They had the meats. Then Roark Capital had the receipts.”

The PE Playbook

  • •Roark Capital acquired Arby's in 2011 for ~$430M and used it as the foundation for Inspire Brands — a roll-up that swallowed Sonic, Buffalo Wild Wings, Jimmy John's, and Dunkin'
  • •Arby's has underperformed the restaurant industry by 23% since acquisition; sales declined 6.3% in 2024
  • •Net loss of 48 locations in 2024 alone with closures continuing into 2025 across at least 8 states
  • •Roark Capital Partners IV fund generated an annual return of just 0.09% as of 2020 — essentially zero

Since the Acquisition

  • â–¸Worst performance of all six Inspire Brands chains in 2024 — sales fell 6.3% and a net 48 restaurants closed
  • â–¸System sales have slumped 3% since 2021, underperforming the broader restaurant industry by 23% since Roark's acquisition
  • â–¸Over a dozen more Arby's locations closed across eight states in early 2025