Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Illustration: Lazaro Gamio / Axios
Inspire Brands, the Roark Capital-backed owner of Arby's and Buffalo Wild Wings, has purchased a 12.3% ownership stake in itself from Wendy's (Nasdaq: WEN) for $450 million.
Why it's the BFD: Because Roark wants to take Inspire Brands public, as we reported when first disclosing its existence late last year, and this strengthens its position.
- History: Roark bought a majority stake in Arby's from Wendy's in 2011, with Wendy's being further diluted when Roark added Buffalo Wild Wings (after which Inspire was formed). Wendy's says the new deal is at a 38% premium to Inspire's valuation at the end of June.
The bottom line: Roark has the meats.