Triarc to sell interest in Deerfield to become 'pure play' restaurant company

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Triarc Cos., Inc. will sell its majority interest in Deerfield & Co. LLC to Deerfield Triarc Capital Corp. for some $145 million including senior secured notes and convertible preferred stock as part of Triarc's corporate restructuring.

The total consideration to be received by Triarc and the other members of Deerfield is approximately $225 million, also including senior secured notes and newly issued convertible preferred shares of Deerfield Triarc.

Triarc would own about 16% of Deerfield Triarc's outstanding common stock on an as-converted basis following the transaction's close, which is expected by year end.

Following the sale of Deerfield, Triarc's sole operating business will be the Arby's restaurant business.

"We have worked diligently to prepare for the day when Triarc will be a 'pure play' restaurant company," Triarc chief executive officer Roland C. Smith said in a company news release.

"Now that our corporate restructuring is about to be accomplished, we believe that Arby's will be able to significantly increase value through both organic growth and the acquisition of other restaurant companies."

Triarc is an Atlanta holding company.

Deerfield is Chicago-based fixed income asset manager.

Deerfield Triarc is a diversified financial company formed to invest in real estate-related securities and other asset classes.

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