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A shop that runs through a parking lot at a Sonic Corp. fast-food restaurant. in Knoxville, Tennessee, in 2017
Photo:
Luke Sharrett / Bloomberg News
Inspire Brands Inc. announced Tuesday that it was buying
Sonic
Corp.
HIS C 18.46%
for $ 2.3 billion, including debt.
The transaction is part of a new strategy for a company created by the merger of Arby's Restaurant Group and Buffalo Wild Wings. The private company, created last year, is striving to build a portfolio of restaurant chains spanning the spectrum of fast food and casual dining to protect against a slowdown in any segment.
The company's latest agreement will extend its scope to hamburgers. Sonic is the largest chain of drive-in restaurants in the country.
"Sonic is a highly differentiated brand and is an ideal solution" for the company, said in a statement Paul Brown, general manager of Inspire Brands.
Mr. Brown said he hoped to capture more visits from the same customers visiting the company's restaurants at different times. He also said he plans to buy a maximum of 10 channels with sales of $ 1 billion to $ 4.5 billion each, and is considering a mix of chains owned by franchisees and companies offering experience. unique.
The approach differs from that of other catering companies such as
Brands Yum
Inc.
and
Darden Restaurants
Inc.
that focus on restaurants in a single segment, such as fast food or casual dining.
The merger agreement with Sonic is $ 43.50 per share in cash. The transaction, which includes the assumption of Sonic 's debt, is expected to be finalized by the end of the year.
Write to Julie Jargon at [email protected]
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