=Sonic (SONC) to be acquired by Inspire Brands in $2.3 billion

The parent company of Arby’s and Buffalo Wild Wings will now own the Sonic burger chain.
The deal, which assumes all debt, is valued at $2.3 billion.
Sonic shareholders will receive $43.50 a share in cash.
Inspire Brands is owned by private equity firm Roark Capital.
Sonic joins Inspire's portfolio, which includes more than 4,700 Arby's, Buffalo Wild Wings and Rusty Taco restaurants.



www.focusbrands.com
https://inspirebrands.com/
https://www.roarkcapital.com/portfolio#s2_Resturant_and_Food
https://www.roarkcapital.com/portfolio
FOCUS Brands is the parent company of Auntie Anne's, Carvel, Cinnabon, Moe's Southwest Grill, Schlotzsky's and the franchisor of Seattle's Best Coffee on certain military bases and in certain international markets.


The parent company of Arby’s and Buffalo Wild Wings is acquiring burger chain Sonic in a deal valued at $2.3 billion, the companies announced on Tuesday.

The deal, which will pay Sonic shareholders $43.50 per share in cash, represents a 19 percent premium on Sonic’s Monday close. Trading was halted Tuesday morning.

This acquisition adds to Inspire Brand’s portfolio of restaurants that also includes Rusty Taco. Inspire Brands is owned by private equity firm Roark. As part of the deal, Sonic will become a private company.

=Sonic (SONC) reported earnings on Mon 24 Oct 2016 (a/h)

Sonic (SONC) reported a fiscal fourth-quarter sales miss and downbeat fiscal 2017 guidance. Net income totaled $25.4 million, or 53 cents per share, compared with $26.3 million, or 50 cents per share, for the same period last year. Adjusted EPS was 45 cents, beating the 44 cents FactSet consensus. Revenue totaled $162.1 million, down from $175.3 million and below the $167 million FactSet consensus. Systemwide same-restaurant sales fell 2%. "Slowing consumer trends that began in April... persisted through the fourth quarter, resulting in lower-than-expected sales and profits in the fourth fiscal quarter," said Sonic Chief Executive Cliff Hudson in a statement. For fiscal 2017, Sonic expects adjusted earnings per share to be in the range of down 7% to flat year-over-year versus a FactSet estimate of a 12% increase. And same-store sales are expected to be down 2% to flat, systemwide.

=Sonic (SONC) reported earnings Wed 30 March 2016 (b/o)

Beats earnings estimates for the second quarter and issuing above-consensus guidance.