>> Roark Capital Group, the owner of fast food chain Arby's, on Tuesday, agreed to buy Buffalo Wild Wings for $2.4 billion in cash. The deal comes just months after a hedge fund bought enough Buffalo Wild Wings shares to win a seat on the company's board and demand dramatic changes to the restaurant's management.
Buffalo Wild Wing shares are up 6% Tuesday, even though storewide sales were down last quarter, Bdubs as it's known by, serious chicken wing aficionados, is still considered a premier sports bar franchise. But shareholders have been clambering for change with the stock lagging rivals down 5% so far this year as soaring chicken wing costs and slower foot traffic place a drag on profits.
The deal is the latest in the flurry of recent restaurant takeovers by private equity firms, including Ruby Tuesday, Panera Bread, and Krispy Kreme.