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Oklahoma City-based Sonic Corp, America’s largest drive-in restaurant chain noted for its “made-to-order American classics” served by Carhops, is using Joele Frank, Wilkinson Brimmer Katcher for media work in connection with its $2.3B acquisition by Inspire Brands of Atlanta.
Inspire’s $43.50 bid represents a 19 percent premium over the closing price of Sonic’s stock on Sept. 24.
Pat Brown, CEO of Inspire, called Sonic a “highly differentiated brand” and an “ideal fit” for his company’s portfolio of Arby’s, Buffalo Wild Wings and Rusty Taco fast-food brands.
Sonic earned $52.6M on $311.8M nine-month (ended May 31) revenues. Founded more than 65 years ago, Sonic has more than 3,600 drive-ins.
CEO Cliff Hudson said the Inspire agreement followed a “comprehensive review of a wide range of strategic options to maximize shareholder value.”
Matthew Sherman, Andrew Siegel and Aaron Palash of JFWBK represent Sonic.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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