BUFFALO WILD WINGS acquired by ARBY’S RESTAURANT GROUP
Context
Arby's Restaurant Group completed the acquisition of Buffalo Wild Wings and simultaneously launched Inspire Brands as a new multi-brand restaurant platform. Following closing, Buffalo Wild Wings continued to operate as an independent brand within the Inspire structure, with its management team remaining in place to support continuity and execution. The strategic rationale was to create a diversified restaurant company with scale across multiple occasions and channels, rather than relying on a single concept. Buffalo Wild Wings added a strong casual dining and sports bar brand to Arby's sandwich-led portfolio, giving Inspire exposure to a different customer segment, a more social dining format, and a brand with national awareness and meaningful growth potential. The deal also allowed the combined group to leverage shared expertise in franchising, marketing, digital capabilities, and procurement, while preserving the operating identity of each brand. At the time of launch, Inspire oversaw more than 4,600 company-owned and franchised restaurants across 14 countries, with combined 2017 global system sales above $7.6 billion.
BUFFALO WILD WINGS, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the average currently observed in the Retail & Consumer sector (11.0x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
-> Deep-dive in Retail & Consumer market trends
Target
Buffalo Wild Wings, Inc. is a U.S.-based casual dining and sports bar chain founded in 1982 and headquartered in Minneapolis, Minnesota, United States. The company specializes in chicken wings, sauces, burgers, sandwiches, appetizers, and beer, serving guests in a sports-driven, high-energy environment built around live game viewing and social dining. Its core proposition combines made-to-order food with a bar-and-grill experience, and it has become one of the most recognizable wing brands in the U.S. restaurant market. Buffalo Wild Wings operated a large domestic system with both company-owned and franchised locations and generated meaningful national brand awareness through its sports marketing and game-day traffic. The chain’s business model relied on a mix of restaurant sales, franchise royalties, and advertising contributions, with a strong emphasis on guest experience and repeat visits.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (USD)
Similar deals in Retail & Consumer
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2018 | EQUISTONE | KARAVEL | FRANCE | Hospitality & Leisure | Equistone Partners Europe finalized the acquisition of a majority stake in the Karavel-Promovacances and Fram groups from LBO France. The transaction was structured through a €30 million investment, providing the group with the strategic liquidity required to complete its financial recovery |
| 03/2018 | APOLLO GLOBAL MANAGEMENT | QDOBA RESTAURANT | UNITED STATES | Hospitality & Leisure | Apollo Global Management completed its acquisition of Qdoba Restaurant Corp. from Jack in the Box in March 2018 after a definitive agreement announced in December 2017. The all-cash transaction valued the fast-casual Mexican chain at a significant premium and was funded by Apollo funds, with Qdoba becoming a privately held portfolio company after closing |
| 12/2017 | PERMIRA | LA PIADINERIA | ITALY | Hospitality & Leisure | Permira acquired a controlling stake in La Piadineria from the specialized fund Idea Taste of Italy (managed by Dea Capital Alternative Funds). The high valuation reflects the intense competition during the auction (bidders included Bain, Carlyle and L Catterton) |
| 11/2017 | LEONARD GREEN & PARTNERS | PUREGYM | UNITED STATES | Hospitality & Leisure | Leonard Green & Partners (LGP) has entered into a binding agreement to acquire a controlling interest in Pure Gym from CCMP Capital Advisors. This secondary buyout marks the complete exit for CCMP, which had held a majority stake since May 2013 |
| 10/2017 | TDR CAPITAL | BUFFALO GRILL | FRANCE | Hospitality & Leisure | UK-based private equity firm TDR Capital entered into exclusive negotiations to acquire Buffalo Grill in a tertiary leveraged buyout from a consortium of financial sponsors, including majority shareholder Abénex Capital, NiXEN Partners, and Céréa Partenaire |
| 09/2017 | FREEMAN SPOGLI | CAFE RIO | UNITED STATES | Hospitality & Leisure | Freeman Spogli & Co. acquired Cafe Rio, Inc. from KarpReilly LLC, taking a majority interest in the fast-casual Mexican restaurant chain while existing management retained significant equity. The transaction marked Freeman Spogli's entry into the growing fast-casual segment, with Cafe Rio's leadership team continuing to guide operations from Salt Lake City headquarters |
| 09/2017 | GLOBAL FRANCHISE GROUP | ROUND TABLE PIZZA | UNITED STATES | Hospitality & Leisure | Global Franchise Group acquired Round Table Pizza including Round Table Clubhouse and Wings Brew concepts, boosting system-wide sales to nearly $1 billion across 1,500+ stores. The deal integrated 440 U.S... |
| 05/2017 | BLUEGEM CAPITAL PARTNERS | BIG FERNAND | FRANCE | Hospitality & Leisure | BlueGem Capital Partners acquired an 80% stake in Big Fernand from its founders and the SEP family office (Riccobono family) to accelerate the brand’s global trajectory. The transaction included an immediate capital injection of at least €7 million to fund a massive scale-up, with the goal of reaching 100 restaurants shortly after the deal |
| 04/2017 | JAB BEECH | PANERA BREAD COMPANY | UNITED STATES | Hospitality & Leisure | JAB entered into a definitive merger agreement to acquire Panera Bread Company. The transaction was unanimously approved by Panera's Board of Directors and expected to close in the third quarter of 2017, subject to shareholder approval and regulatory clearances |
| 04/2017 | BLUEGEM CAPITAL PARTNERS | GRUPO RESTAURACIÓN LATERAL | SPAIN | Hospitality & Leisure | BlueGem Capital Partners acquired a majority stake in Lateral to facilitate the next phase of the group's national development. The transaction marked a transition from a founder-led business to a private equity-backed platform, specifically targeting the high-growth premium tapas segment in Spain |
REFERENCES
Valuation range: EV 3b - 100b USD
EBITDA range: 250M - 500M USD
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BUFFALO WILD WINGS by ARBY’S RESTAURANT GROUP are reserved for mynth community members. Register for free to unlock full data.
Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: buffalo wild wings
Acquirer: arby’s restaurant group