Sonic Restaurants To Go Private

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Inspire Brands Ic, majority owned by Roark Capital, announced on September 25 its agreement to purchase Sonic Corp (Nasdaq: SONC) in a deal worth $2.3b. Guggenheim Securities LLC served as financial adviser to this agreement, while White & Case LLP and Shearman & Sterling LLP will serve as legal counsel. Inspire adds Sonic to its vast portfolio of fast food locations, which include Arby’s, Buffalo Wild Wings, and Rusty Taco. Cliff Hudson, CEO at Sonic Corp, believes this transaction is the best way to maximize value for shareholders. Paul Brown, CEO at Inspire Brands, believes the growth that Sonic has experienced over the last several years makes it a valuable addition to Inspire’s portfolio.

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