Arby’s is one of the most recognizable fast-food chains in America — famous for its slow-roasted beef sandwiches, curly fries, and the legendary slogan “We Have The Meats.” With over 3,200 locations across the United States and seven other countries, it is a true American institution.
But who actually owns it? The ownership chain behind Arby’s runs through one of the most ambitious restaurant roll-ups in history — and it is currently heading toward what could be a landmark IPO that values the entire empire at nearly $20 billion.
Who Owns Arby’s Right Now in 2026?
Arby’s is owned by Inspire Brands, LLC — a private, multi-brand restaurant holding company headquartered in Sandy Springs, Georgia.
Inspire Brands is in turn backed and controlled by Roark Capital Group, an Atlanta-based private equity firm with approximately $41 billion in assets under management that focuses exclusively on franchise and franchise-adjacent businesses.
The short ownership chain is clean and direct: Arby’s → Inspire Brands → Roark Capital Group. Inspire Brands is the direct parent company that owns and operates Arby’s brand strategy, trademarks, and franchise system.
Roark Capital is the private equity engine that controls Inspire Brands through its investment funds. Neither company is publicly traded — though that may be about to change.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Inspire Brands, LLC | Direct Parent Company | 100% of Arby’s brand | Private multi-brand restaurant holding company; $33.4B revenue (2026) |
| Roark Capital Group | Controlling Private Equity Backer | Controls Inspire Brands | Atlanta PE firm; ~$41B AUM; franchise-focused investor |
| Paul J. Brown | CEO of Inspire Brands | Management role | Co-founded Inspire in 2018; former CEO of Arby’s Restaurant Group |
| Neal Aronson | Co-Founder of Inspire Brands | No public equity disclosure | Co-founded Inspire Brands alongside Paul J. Brown in February 2018 |
| Forrest & Leroy Raffel | Original Founders | Fully exited | Founded Arby’s on July 23, 1964 in Boardman Township, Ohio |
| Wendy’s | Former Minority Owner | Fully exited | Sold remaining ~12.3% stake back to Inspire for $450M; no current ownership |
| Buffalo Wild Wings, Dunkin’, Sonic, Jimmy John’s, Baskin-Robbins | Sister Brands under Inspire | N/A | All owned by Inspire Brands alongside Arby’s |
| Franchisees | Independent Restaurant Operators | Own individual locations | Most Arby’s restaurants are franchisee-operated, not corporate-owned |
The Origin Story: Two Brothers and a Roast Beef Dream
Arby’s was founded on July 23, 1964 by brothers Forrest (1922–2008) and Leroy Raffel (1927–2023) in Boardman Township, Ohio. The Raffel brothers owned a restaurant equipment business and believed there was a massive untapped market for a fast-food franchise built around something other than hamburgers.
The name “Arby’s” comes from the initials “R.B.” — standing for “Raffel Brothers,” not “roast beef” as many people assume. They originally wanted to call their restaurants “Big Tex,” but that name was already taken by an Akron business. Arby’s it was — and the roast beef sandwich became its calling card from day one.
The first location opened with roast beef sandwiches priced at 69 cents — expensive for fast food at the time, but the quality justified it. The concept spread quickly across Ohio and then nationally throughout the late 1960s and 1970s, establishing Arby’s as a genuine alternative to the burger-dominated fast-food landscape.
The Roark Capital Takeover: How Arby’s Became an Empire’s Foundation
The defining ownership moment in Arby’s modern history came in 2011 — and it set up everything that followed.
Wendy’s/Arby’s Group agreed to sell a majority stake in Arby’s Restaurant Group to Roark Capital Group in a deal valued at approximately $430 million. Wendy’s retained an 18.5% ownership interest in Arby’s at the time.
Roark Capital took controlling power and immediately set about using Arby’s as the anchor brand for a much bigger vision.
Roark brought in Paul J. Brown as CEO of Arby’s Restaurant Group. Brown modernized the menu, redesigned the stores, and relaunched Arby’s marketing — most notably with the iconic “We Have The Meats” campaign, which became one of the most effective fast-food taglines in recent memory. The brand’s revenue and unit count both grew significantly under his leadership.
Then in 2017, Arby’s Restaurant Group signed a deal to acquire Buffalo Wild Wings for approximately $2.9 billion. That deal — using Arby’s as the acquiring entity — was the founding act of Inspire Brands. When it closed in February 2018, the combined platform was formally renamed Inspire Brands, LLC, with Paul J. Brown becoming its founding CEO.
What Is Inspire Brands — And How Big Is It?
Inspire Brands was founded on February 5, 2018 by Neal Aronson and Paul J. Brown. From its very first day, it was designed to be something very specific: a private, franchise-focused holding company that would acquire established restaurant brands and run them together under one operational roof — sharing supply chain, technology, data, and corporate infrastructure.
The strategy worked. After the Buffalo Wild Wings acquisition that launched the company, Inspire kept buying. It added SONIC Drive-In in 2018, Jimmy John’s in 2019, and the entire Dunkin’ Brands group — which included both Dunkin’ and Baskin-Robbins — in 2020 for approximately $11.3 billion.
As of 2026, Inspire Brands operates more than 33,300 restaurants across its six brands worldwide, employs over 650,000 people, and generates $33.4 billion in annual revenue. It is one of the largest restaurant companies on the planet — and Arby’s is its founding and defining brand.
The Confidential IPO Filing: What It Means for Arby’s
The biggest ownership development of 2026 for Arby’s is not a new acquisition or a leadership change — it is a potential stock market listing that would end Arby’s long run as a private company.
On May 8, 2026, Inspire Brands announced it had confidentially submitted a draft registration statement on Form S-1 with the SEC for a proposed initial public offering (IPO) of its common stock. The confidential filing targets a reported valuation near $20 billion. Inspire has said it expects to use the proceeds primarily to pay down existing debt.
A confidential filing means Inspire has gauged serious investor interest without yet opening its books to public scrutiny. The number of shares and price range have not been determined.
If the IPO proceeds, Inspire Brands would become publicly traded — meaning everyday investors could, for the first time, own a piece of the company behind Arby’s, Dunkin’, Buffalo Wild Wings, Sonic, Jimmy John’s, and Baskin-Robbins all at once.
Wendy’s, which had retained a minority stake after its 2011 sale of Arby’s, already fully exited — selling its remaining approximately 12.3% stake back to Inspire for $450 million, effectively removing the last public-company link to Arby’s before the new IPO process began.
How Many Arby’s Locations Are There in 2026?
As of August 2026, there are 3,206 Arby’s restaurant locations — down from a peak of 3,472 in 2019. The majority of locations are in the United States, with additional restaurants operating in seven countries: Canada, Costa Rica, Egypt, Mexico, Saudi Arabia, South Korea, and Turkey.
Most Arby’s restaurants are franchisee-operated — meaning independent business owners pay Arby’s (through Inspire Brands) for the right to use the brand, recipes, and systems. Inspire Brands owns the brand and the standards; franchisees own and operate the physical restaurants day to day.
Frequently Asked Questions (FAQs)
Q1. Who owns Arby’s in 2026?
Arby’s is owned by Inspire Brands, LLC, which is backed and controlled by Roark Capital Group, an Atlanta-based private equity firm.
Q2. Who founded Arby’s and when?
Arby’s was founded on July 23, 1964 by brothers Forrest and Leroy Raffel in Boardman Township, Ohio.
Q3. What does the name “Arby’s” stand for?
The name comes from “R.B.” — the initials of “Raffel Brothers,” the two founders — not “roast beef” as many people assume.
Q4. What is Inspire Brands?
Inspire Brands is the private restaurant holding company that directly owns Arby’s, founded in February 2018, and also owns Buffalo Wild Wings, Dunkin’, Sonic, Jimmy John’s, and Baskin-Robbins.
Q5. Who is the CEO of Arby’s parent company?
Paul J. Brown is the CEO of Inspire Brands — he previously served as CEO of Arby’s Restaurant Group before co-founding Inspire in 2018.
Q6. Does Wendy’s still own part of Arby’s?
No. Wendy’s sold its remaining approximately 12.3% stake back to Inspire Brands for $450 million and no longer has any ownership connection to Arby’s.
Q7. Is Arby’s going public in 2026?
Inspire Brands — Arby’s parent company — filed confidentially for an IPO with the SEC on May 8, 2026, targeting a valuation near $20 billion, but no shares have been priced yet.
Q8. How many Arby’s locations are there in 2026?
As of August 2026, there are 3,206 Arby’s restaurant locations operating across the United States and seven other countries.
Arby’s is owned by Inspire Brands, LLC, a private restaurant holding company backed and controlled by Roark Capital Group — an Atlanta-based private equity firm with $41 billion in assets under management.
Arby’s has been under Roark Capital’s influence since 2011 and became the founding brand of Inspire Brands in 2018, when Arby’s Restaurant Group acquired Buffalo Wild Wings and the combined entity was reborn under the Inspire name.
Today, Inspire Brands is a $33.4 billion revenue restaurant empire with over 33,300 locations across six brands. A confidential IPO filing submitted in May 2026 could soon bring Inspire — and by extension Arby’s — to public markets for the first time, at a reported target valuation of nearly $20 billion.