Inspire Brands Inc. said Dec. 7 that it completed the acquisition of drive-in chain Sonic Corp. for $2.3 billion.
Georgia-based Inspire Brands, which owns Arby's Restaurant Group Inc., Buffalo Wild Wings Inc. and Rusty Taco Inc., said adding Oklahoma-based Sonic to the company's portfolio increased its global restaurant count to about 8,300.
Inspire Brands added that it is now the fifth-largest restaurant company in the U.S., with total systemwide sales growing to more than $12 billion annually.
Claudia San Pedro will serve as president of Sonic, while the drive-in chain's former chairman and CEO, Cliff Hudson, will assist in the transition as senior adviser until March 2019.
Founded in 2018, Inspire Brands is majority owned by affiliates of private equity firm Roark Capital Management LLC.