Arby’s owners add Sonic to expanding portfolio

The company behind Arby’s will buy drive-in burger chain Sonic in a deal announced Tuesday. Inspire Brands, which took over Buffalo Wild Wings last year, will acquire Sonic for $2.3 billion including debt, the company said in a statement. The purchase adds to Inspire’s collection of restaurants that includes, alongside Arby’s and Buffalo Wild Wings, Mexican food chain Rusty Taco. The Sonic purchase plays into Inspire’s overall strategy of acquiring distinct, dissimilar brands, the company said. Known for burgers, hot dogs and specialty drinks, Sonic brings focuses not present at Arby’s or Rusty Taco while operating outside of the fast-casual realm where Buffalo Wild Wings exists. Sonic’s stock rose more than 18 percent Tuesday, CNBC reported, hitting its all-time high at $44.87 per share. Sonic’s $4.4 billion in sales last year topped well-known brands including Dairy Queen, Five Guys and Hardee’s, according to Fortune, citing statistics Nation’s Restaurant News, an industry journal. “Sonic is a highly differentiated brand and is an ideal fit for the Inspire family,” Paul Brown, Inspire’s CEO, said in a statement, calling Sonic “one of the industry’s most distinctive restaurant brands.” Sonic will continue to operate independently after the sale from its Oklahoma City headquarters, according to Business Insider. Sonic shareholders will receive $43.50 per share in cash, Inspire said in its statement, a premium of roughly 19 percent to the chain’s closing stock price on Monday.

MIKE MOZART/FLICKR Sonic is known for burgers, hot dogs and specialty drinks.