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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.

Roark Capital disclosed in SEC documents that it is raising up to $2 billion for Roark Capital Partners II Sidecar LP, with over $758 million committed through early October. Axios has obtained a confidential pitch-deck for this fund, which shows the entire investment strategy is to purchase additional restaurant chains that would be added to the Arby's platform, with targets having annual EBITDA of between $50 million and $300 million. The overall group would be renamed Inspiring Restaurant Brands.

Buffalo Wild Wings is not specifically mentioned in the pitch-deck, but this fund is where Roark is getting the $783 million equity check it has committed toward the deal.

Neither Arby's nor Roark returned requests for comment.

Go deeper

What happens now that emergency orders are lifting

Expand chart
Data: National Academy for State Health Policy and various governor declarations; Chart: Sara Wise/Axios

Soon, more than half the states will have ended their formal emergency declarations for the pandemic — which could have a ripple of effects across the economy.

Why it matters: Lifting those orders will allow businesses to serve more customers, but will also end certain safety nets, including expanded food and housing assistance, as well as eviction protections.

Updated 3 hours ago - World

500 Hong Kong police officers raid pro-democracy newspaper

Chief Operations Officer Chow Tat Kuen (front 2nd R) is escorted by police from the Apple Daily newspaper offices before being put into a waiting vehicle in Hong Kong on Thursday. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong's Apple Daily said 500 police officers searched the pro-democracy newspaper's offices and arrested five senior executives on Thursday.

Why it matters: The arrests of the paper's chief editor, Ryan Law, along with its chief operating officer, two other editors and the CEO of Next Digital, which operates Apple Daily, were made under China's national security law — which gives the government broad power to limit people's political freedom.

World Bank rejects El Salvador's request to help implement bitcoin

President Nayib Bukele, giving a speech in El Salvador's legislative assembly in San Salvado earlier this month, pushed for bitcoin to become legal tender. Photo: Emerson Flores/APHOTOGRAFIA/Getty Images

The World Bank has rejected the government of El Salvador's request to help the country implement Bitcoin as legal tender, Reuters first reported late Wednesday.

Why it matters: The international lender's rejection could hamper the government's goal of making the digital currency accepted across the country within three months.