Arby’s Restaurant Group, Inc., Atlanta, acquired Buffalo Wild Wings, Inc., Minneapolis, for approximately $2.9 billion.

“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” says Paul Brown, chief executive officer of Arby’s. “We are excited to welcome a brand with such a rich heritage, led by an exceptionally talented team. We look forward to leveraging the combined strengths of both organizations into a truly differentiated and transformative multi-brand restaurant company.”

“We are excited about this merger, and confident Arby’s represents an excellent partner for Buffalo Wild Wings,” adds Sally Smith, chief executive officer of Buffalo Wild Wings. “This transaction provides compelling value to our shareholders and is a testament to the hard work and efforts of our talented team members and franchisees. We are confident that the strength of our two industry-leading brands, under the sponsorship of Roark Capital – an experienced restaurant and foodservice investor – will enable us to capitalize on significant growth opportunities in the years ahead.”

Following the close of the transaction, Buffalo Wild Wings will be a privately-held subsidiary of Arby’s, and will continue to be operated as an independent brand. Brown will serve as chief executive officer of the parent company.

Arby’s is majority owned by affiliates of Roark Capital Group, an Atlanta-based private equity firm that focuses on franchised and multi-unit businesses in the restaurant, retail and other consumer sectors.