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.