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Triarc to sell interest in Deerfield & Company
December 18, 2007
ATLANTA — Triarc Companies Inc. has announced that Deerfield Triarc Capital Corp. will acquire Deerfield & Company LLC, a Chicago-based fixed income asset manager in which Triarc owns a majority interest and which, through a subsidiary, externally manages DFR. The sale is expected to be completed prior to year-end 2007, subject to satisfaction of customary closing conditions.
The total nominal consideration to be received by Triarc and other members of Deerfield is approximately $225 million. Triarc expects to receive total nominal consideration of approximately $145 million.
In connection with the transaction, Nelson Peltz, Triarc's chairman, resigned from the DFR board of directors, and Peter W. May, vice chairman of Triarc, was elected to fill the vacancy created by Peltz's resignation. Following the transaction, DFR will discontinue the use of "Triarc" in its name and will be renamed Deerfield Capital Corp.
Following the sale of Deerfield, Triarc's sole operating business will be the Arby's restaurant business. Triarc, through its subsidiaries, is the franchisor of the Arby's restaurant system and the owner and operator of more than 1,000 Arby's restaurants. There are approximately 3,600 Arby's restaurants worldwide.
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