Arby's Owner Buys Jimmy John's Sandwiches
ATLANTA (CBS/AP) — The parent company of Arby's and Buffalo Wild Wings is buying Jimmy John's Sandwiches.
Atlanta-based Inspire Brands said Wednesday the acquisition will make it the fourth-largest restaurant company in the U.S., with annual sales of $14 billion and 11,200 restaurants. The deal is expected to be completed by the end of October. Terms weren't disclosed.
There are Jimmy John's locations in Boston, Worcester, Waltham and Northboro.
Jimmy John's founder and chairman, Jimmy John Liautaud, will step down and become an adviser to Inspire's board. Liautaud, a hunter, has been a liability for the company in recent years after social media photos showed him with an elephant and a leopard he had killed.
Jimmy John's was founded in 1983 in Illinois. It has 2,800 locations in 43 states.
Roark Capital, the private equity firm that owns Inspire Brands, had already purchased a majority stake in Jimmy John's in 2016.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
