Value meal: Wendy’s/Arby’s Group says it will sell a majority stake in its struggling Arby’s brand to Roark Capital Group, the Atlanta private equity firm. The move marks the end of a short-lived union between the two fast-food chains and represents a role reversal. Arby’s started as the suitor in the relationship but ended up on the chopping block. Wendy’s/Arby’s shares rose 19 cents, or 4%, to $4.71 in morning trading. Roark, which already owns Moe’s Southwest Grill, Cinnabon and other restaurants, will pay $130 million in cash for an 81.5% stake in Arby’s. It will also assume $190 million worth of Arby’s debt.
Joins roster that includes Wrangler, Jansport: VF Corp., whose brands include Wrangler, Nautica and The North Face, says it will buy boot and clothing maker Timberland Co. for more than $2.2 billion. VF plans to make Timberland part of its outdoor and action sports business, and it says Timberland’s headquarters will remain in Stratham, N.H. With the addition of Timberland, VF’s outdoor and action sports business, which also includes Vans, Jansport, Eastpak and other brands, will make up 50% of the company’s total revenue. VF is offering $43 for each Timberland share, a premium of 43.4% to the latest Timberland closing price. Timberland shares climbed $12.76, or 42.6%, to $42.75 in pre-market trading. Timberland stock has traded between $15.07 and $45.27 in the last year.
