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Exclusive: Arby's plans to buy more than Buffalo Wild Wings
Illustration: Lazaro Gamio / Axios

Arby's last week made waves by agreeing to buy Buffalo Wild Wings, but Axios has learned that it has much greater acquisition plans. Specifically, its private equity owner is raising a $2 billion war-chest to buy additional restaurant chains, with plans to eventually bring the entire platform public.

Why it matters: Arby's was flailing when Roark Capital bought a majority stake from Wendy's back in 2011, but system-wide revenue hit $3.7 billion in 2016, according to a confidential document seen by Axios, and Roark is now on the hunt for other turnaround targets in the quick-serve, fast casual and casual dining markets.