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National  + Retail  | 

Sonic Fast-Food Chain Taken Private in $2.3B Deal

Sonic Corp., the fast-food drive-in chain founded in 1953, is being acquired by Inspire Brands for $2.3 billion including the assumption of debt, the two companies said Tuesday. The all-cash privatization deal is valued at $43.50 per share, a 19% premium on Sonic’s closing share price Monday afternoon.

Headquartered in Atlanta, Inspire is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations worldwide. Following completion of the merger deal, Sonic will be a privately-held subsidiary of Inspire, and will continue to be operated as an independent brand.

“Sonic is a highly-differentiated brand and is an ideal fit for the Inspire family,” said Inspire CEO Paul Brown. “We have tremendous respect for Sonic’s exceptional team of employees and franchise owners, who have built one of the industry’s most distinctive restaurant brands.” Ninety-five percent of Oklahoma City-based Sonic’s 3,600-plus locations are franchises.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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