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Announcement September 25, 2018

Sonic Corp. to be Acquired by Inspire Brands in $2.3 Billion Transaction

Oklahoma City and Atlanta – September 25, 2018 – Sonic Corp. (“Sonic”) (NASDAQ: SONC) and Inspire Brands, Inc. (“Inspire”) today announced that they have entered into a definitive merger agreement under which Inspire will acquire Sonic for $43.50 per share in cash in a transaction valued at approximately $2.3 billion including the assumption of Sonic’s net debt.

Inspire is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings, and Rusty Taco locations worldwide. Following the completion of the transaction, Sonic will be a privately-held subsidiary of Inspire and will continue to be operated as an independent brand.

The agreement, which has been unanimously approved by Sonic’s Board of Directors, represents a premium of approximately 19% per share to Sonic’s closing stock price on September 24, 2018 and a premium of approximately 21% to Sonic’s 30-day volume-weighted average price.

“Sonic is a highly differentiated brand and is an ideal fit for the Inspire family,” said Paul Brown, Chief Executive Officer of Inspire Brands. “We have tremendous respect for Sonic’s exceptional team of employees and franchise owners, who have built one of the industry’s most distinctive restaurant brands.”

“We’re excited to build on Sonic’s momentum as we leverage our combined expertise and capabilities to better serve guests, further support team members and franchisees and drive long-term growth.”

“This value-maximizing transaction validates the actions we have taken over the last year to grow traffic and improve sales while delivering differentiated offerings and superior guest service,” said Cliff Hudson, Sonic Corp. CEO. “Our Board of Directors, taking into account the views of shareholders, conducted a comprehensive review of a wide range of strategic options to maximize shareholder value. This transaction delivers significant, immediate and certain value to Sonic shareholders, and the private ownership structure will provide important benefits to our guests, franchisees and employees.

“As one of the largest owner-operators of company-owned and franchised restaurant brands, Inspire appreciates the unique culture of collaboration between Sonic and our franchisees. Sonic franchisees are engaged in planning regarding technology, new products and marketing programs, and the team at Inspire recognizes the central role our franchisees have played, and will continue to play, in Sonic’s success. We look forward to working closely with Inspire as we continue to provide made-to-order American classics, distinctive flavors and the most personalized guest experience in our industry.”

Transaction Details
The transaction is subject to the approval of Sonic shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals, and is expected to close by the end of the year.

Advisors
Guggenheim Securities, LLC is serving as financial advisor to Sonic and Shearman & Sterling LLP is serving as its legal counsel. White & Case LLP is serving as legal counsel to Inspire.

About Sonic
SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. Ninety-five percent of SONIC’s more than 3,600 drive-ins are owned by local business men and women. For 65 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $10.4 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook, Twitter and Instagram. To learn more about SONIC’s Limeades for Learning, please visit LimeadesforLearning.com.

About Inspire Brands
Inspire Brands, headquartered in Atlanta, Ga, is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings, and Rusty Taco locations worldwide. The company is majority owned by affiliates of Roark and was founded in 2018. For more information, visit InspireBrands.com.

About Roark
Since inception, affiliates of Roark have invested in 65 franchise/multi-unit brands, which collectively generate $32 billion in annual system revenues from 32,000 locations in 50 states and 81 countries. For more information, please visit www.roarkcapital.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Such statements include statements concerning anticipated future events and expectations that are not historical facts. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) risks related to the consummation of the merger, including the risks that (a) the merger may not be consummated within the anticipated time period, or at all, (b) the parties may fail to obtain shareholder approval of the merger agreement, (c) the parties may fail to secure the termination or expiration of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (d) other conditions to the consummation of the merger under the merger agreement may not be satisfied, and (e) the significant limitations on remedies contained in the merger agreement may limit or entirely prevent Sonic Corp. from specifically enforcing Inspire Brands, Inc.’s obligations under the merger agreement or recovering damages for any breach by Inspire Brands, Inc.; (2) the effects that any termination of the merger agreement may have on Sonic Corp. or its business, including the risks that (a) Sonic Corp.’s stock price may decline significantly if the merger is not completed, (b) the merger agreement may be terminated in circumstances requiring Sonic Corp. to pay Inspire Brands, Inc. a termination fee, or (c) the circumstances of the termination, including the possible imposition of a 12-month tail period during which the termination fee could be payable upon certain subsequent transactions, may have a chilling effect on alternatives to the merger; (3) the effects that the announcement or pendency of the merger may have on Sonic Corp. and its business, including the risks that as a result (a) Sonic Corp.’s business, operating results or stock price may suffer, (b) Sonic Corp.’s current plans and operations may be disrupted, (c) Sonic Corp’s ability to retain or recruit key employees may be adversely affected, (d) Sonic Corp.’s business relationships (including, customers, franchisees and suppliers) may be adversely affected, or (e) Sonic Corp’s management’s or employees’ attention may be diverted from other important matters; (4) the effect of limitations that the merger agreement places on Sonic Corp’s ability to operate its business, return capital to shareholders or engage in alternative transactions; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the merger and instituted against Sonic Corp.’s and others; (6) the risk that the merger and related transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and/or tax factors; and (8) other factors described under the heading “Risk Factors” in Part I, Item 1A of Sonic Corp.’s Annual Report on Form 10-K for the fiscal year ended August 31, 2017, as updated or supplemented by subsequent reports that Sonic Corp. has filed or files with the SEC. Potential investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Neither Inspire Brands, Inc. nor Sonic Corp. assumes any obligation to publicly update any forward-looking statement after it is made, whether as a result of new information, future events or otherwise, except as required by law.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed merger between Inspire Brands, Inc. and Sonic Corp. In connection with the proposed transaction, Sonic Corp. plans to file a proxy statement with the Securities and Exchange Commission (“SEC”). SHAREHOLDERS OF SONIC CORP. ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT SONIC CORP. WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Shareholders and investors will be able to obtain free copies of the proxy statement and other relevant materials (when they become available) and other documents filed by Sonic Corp. at the SEC’s web site at www.sec.gov. Copies of the proxy statement (when they become available) and the filings that will be incorporated by reference therein may also be obtained, without charge, at https://ir.sonicdrivein.com/ or by contacting Sonic Corp.’s Investor Relations at (405) 225-5000.

PARTICIPANTS IN SOLICITATION
Sonic Corp., and its directors, executive officers and certain employees, may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding Sonic Corp.’s directors and executive officers is available in its proxy statement filed with the SEC on December 18, 2017. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.

Contacts

For Sonic Corp.

Christi Woodworth
VP of Public Relations, Sonic
(405) 225-5600
christi.woodworth@sonicdrivein.com

Matthew Sherman / Andrew Siegel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

For Inspire Brands

Christopher Fuller
Head of Communications, Inspire Brands
Press@InspireBrands.com

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Nils H. Okeson

General Counsel and Chief Administrative Officer

Nils H. Okeson serves as General Counsel and Chief Administrative Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Okeson oversees the legal, corporate secretary, risk management, lease management, and administrative services functions for Inspire and its brands.

Prior to Inspire, Okeson was General Counsel and Chief Administrative Officer of Arby’s Restaurant Group, Inc.

Okeson joined Arby’s as General Counsel in 2005 and became General Counsel of Arby’s former parent corporation, Triarc Companies in 2007. In these roles, he helped lead the organization through a number of significant M&A and financing transactions as Triarc evolved into a pure play restaurant company eventually combining with Wendy’s International, Inc. to form Wendy’s/Arby’s Group in 2008. At Wendy’s/Arby’s Group, Okeson served as General Counsel of the parent company and each of the Arby’s and Wendy’s operating companies. Following Roark Capital Group’s acquisition of Arby’s in 2011, Okeson remained with Arby’s as General Counsel while assuming additional senior management responsibilities.

Previously, Okeson was a partner at Alston & Bird LLP in Atlanta, Georgia, where he spent 15 years specializing in corporate governance, mergers and acquisitions, securities regulation, and corporate finance. While at Alston & Bird, Okeson co-chaired the firm’s securities and corporate governance practice quality teams.

He was listed in Chambers USA America’s Leading Lawyers for Business, The Best Lawyers in America, and Georgia Super Lawyers. Okeson is a past member of the Advisory Board of the Weinberg Center for Corporate Governance at the University of Delaware. In 2005, he was named a Georgia Rising Star in Atlanta magazine and Georgia Super Lawyers – Rising Stars Edition. Okeson was named Outstanding General Counsel in 2015 and Dealmaker of the Year in 2019 by the Atlanta Business Chronicle and the Georgia chapter of the Association of Corporate Counsel.

Okeson is an alumnus of the University of Virginia where he received a Bachelor of Arts, with distinction, majoring in economics and minoring in mathematics. He also received a JD from the University of Virginia School of Law.

 

Natalie Rothman

Chief People Officer

Natalie Rothman serves as Chief People Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Rothman oversees the strategy, development, and execution of human resources, organizational effectiveness programs, and talent management programs for Inspire and its brands.

Prior to Inspire, Rothman served as EVP, Chief Human Resources Officer at Advance Auto Parts, where she oversaw all aspects of HR and team member development including a focus on in-store team members. While there, she built a world-class HR organization, leveraging experience from her ten years previously working at PepsiCo. At PepsiCo, Rothman led HR for Pepsi’s global foodservice division with 5,500 team members around the world, leading talent strategy and creating a center of excellence for training, talent development and organizational design.

Rothman is an alumna of Ithaca College where she received a Bachelor’s degree in Speech Communication and Rhetoric. She also holds a Master’s degree from American University in Human Resources and International Communication as well as a Juris Doctor degree from Brooklyn Law School.

 

Raghu Sagi

Chief Information Officer

Raghu Sagi serves as Chief Information Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,000 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC Drive-In restaurants worldwide.

Sagi is responsible for leading technology initiatives across the Inspire enterprise, including enhancing technologies for company and franchise restaurants as well as the overall digital experience for guests.

Prior to Inspire, Sagi served as Chief Engineering Officer for Sephora Americas (an LVMH brand), where he was responsible for Omni-Channel Digital, Retail, Personalization & CRM including Loyalty and Data Insights technology capabilities and platforms.

Prior to Sephora, Sagi held technology leadership positions at Walmart and Best Buy.

During his time at Inspire Brands, Sagi was named to the Forbes CIO Next List, recognizing the top 50 top tech leaders redefining the CIO role and driving game-changing innovation. He was also named to the CIO 100 list and the Constellation Research 2023 Business Transformation 150 list.

Sagi is an alumnus of Jawaharlal Nehru Technological University, where he received a Bachelor of Technology in Electronics and Communications Engineering. He also received a Master of Science in Electrical Engineering from Southern Illinois University Edwardsville.

 

Christopher Fuller

Chief Communications and Impact Officer

Christopher Fuller serves as Chief Communications and Impact Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide.

Fuller leads communications for Inspire and its brands, including internal and external engagement, meetings and events, creative services, community relations, and corporate communications, as well as the company's impact initiatives.

Fuller also serves as executive sponsor for the organization’s “Good Citizen” pillar within the “People First” platform. In this role, he has led the creation of the Inspire Foundation and the expansion of the Foundation’s purpose to ‘ignite and nourish change for good.’ In 2022, Inspire and its brands raised more than $22 million for philanthropic causes. And, in 2022, Fuller oversaw the publication of Inspire’s first impact report.

While at Inspire, Fuller has overseen communications for four brand acquisitions and integrations, beginning with the $2.9 billion acquisition of Buffalo Wild Wings in 2018 and most recently with the $11.3 billion acquisition of Dunkin’ Brands in 2020.

Fuller has 25 years of communications, PR, and government relations experience for organizations including restaurant brands, global ad agencies, and the United States Congress.

Fuller serves on the Leadership Council and co-chairs the Advisory Council for Dine for No Kid Hungry, is a board member of the Perimeter Chamber of Commerce, is a board member of the Georgia Music Accord, and is a member of the Arthur W. Page Society. Fuller also serves on the Leadership Communication Council at the University of Virginia Darden School of Business and on the board of the International Franchise Association. He also chairs the Inspire Foundation Board of Directors. 

Fuller is an alumnus of West Texas A&M University where he received a bachelor’s degree in Mass Communications. He also received an MBA from the University of Dallas.

 

Jim Taylor

Brand President, SONIC

Jim Taylor serves as Brand President of SONIC, part of the Inspire Brands family of restaurants. Inspire is a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Taylor sets the strategic direction for SONIC and is responsible for overseeing the brand’s marketing and franchise operations teams as well as the brand’s relationship with its franchise community. 

Taylor previously served as the Brand President of Arby’s, leading the brand through 9 years of consecutive same store sales growth and managing the success of over 3,400 franchise and corporate restaurants. Before becoming brand president, Taylor served as Chief Marketing Officer of Arby’s, where he led all research and development, new product innovation, brand marketing and positioning, advertising creation, and media planning. He also served as Senior Vice President of Brand Advertising and Activation as well as Senior Vice President of Product Development and Innovation. 

Prior to joining Arby’s, Taylor worked for Darden Restaurants, the parent company of some of the most recognizable brands in full-service dining, such as Olive Garden, LongHorn Steakhouse, The Capital Grille, and Seasons 52. At Darden, Taylor served as Senior Vice President of Enterprise Strategy, Innovation, and Marketing; Senior Vice President of Olive Garden Brand Development; Marketing Director of Olive Garden Brand Development; and Marketing Director of Red Lobster National Promotions. 

Taylor began his career with Procter & Gamble where, during his 15-year tenure, he served in various finance and marketing leadership capacities for the company’s oral care, male grooming, and digestive wellness portfolios. 

Taylor serves on the Board of Advisors to the University of Georgia Terry College of Business. 

Taylor is an alumnus of the University of Illinois where he received a Bachelor of Science degree with honors in General Engineering. He also received a Master of Science degree from Stanford University.

 

Christian Charnaux

Chief Growth Officer

Christian Charnaux serves as Chief Growth Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Inspire is a global restaurant company unlike any other with a combination of strong, differentiated brands tightly integrated around a shared data and technology-enabled platform which drives enhanced value for franchisees and other stakeholders.

Charnaux leads Inspire’s growth efforts and is responsible for accelerating unit growth globally, as well as further unlocking benefits of business integration across the Inspire portfolio. The Restaurant Development, International, Supply Chain, Government Affairs & Impact, and the Inspire Foundation teams report to Charnaux.

Prior to Inspire, Charnaux was with Hilton Worldwide where he served in a number of brand management, commercial services, and finance positions. Most recently, he was Senior Vice President of Corporate Finance where he oversaw Hilton’s Capital Markets, Mergers & Acquisitions, and Investor Relations efforts. 

Previously, Charnaux was with the Boston Consulting Group where he focused on the travel and consumer product sectors. He also worked for J.P. Morgan in the Technology coverage and Mergers & Acquisition groups.

Charnaux is an alumnus of the University of North Carolina at Chapel Hill where he received a Bachelor of Arts degree, with Highest Distinction, in History and Political Science and was a Morehead Scholar. He also received an MBA, with Distinction,
from Harvard Business School. He currently serves on the boards of ARCOP, National DCP, and Cristo Rey Atlanta Jesuit High School. He also serves as Vice Chair of Georgia’s Partnership for Inclusive Innovation and on the University of North Carolina Board of Visitors.

 

Paul Brown

Co-Founder & Chief Executive Officer

Paul Brown serves as Co-Founder and Chief Executive Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants. In 2023, its brands achieved more than $32.5 billion in global system sales. Inspire is supported by more than 675,000 company and franchise team members.

Inspire is a global restaurant company with a combination of strong, differentiated brands tightly integrated around a shared data and technology-enabled platform which drives enhanced value for franchisees and other stakeholders. 

At Inspire, Brown led the transformation of the Arby’s brand as well as the acquisitions and integrations of Buffalo Wild Wings and Sonic in 2018, Jimmy John’s in 2019, and the $11.3 billion acquisition of Dunkin’ Brands in 2020.

Before Inspire, Brown served as President of Brands and Commercial Services of Hilton Worldwide. Brown was the company’s global leader in brand management, product standards, marketing, sales, pricing, e-commerce, loyalty programs, franchise relations, and information technology.

Brown also served with Expedia, Inc., the world’s leading online travel company, as President of Expedia.com and Expedia’s Partner Services Group. Before Expedia, Brown was a partner at the McKinsey & Company. Based in London, he led the firm’s global travel and hospitality practice and served clients across the travel, hospitality, and retail sectors.

Brown is chairman of the board of directors of Neiman Marcus Group and is active in the community, serving on the boards of Children’s Healthcare of Atlanta, the Georgia Tech Foundation, and the Metro Atlanta Chamber of Commerce Executive Committee and several other community organizations.

Brown is an alumnus of Georgia Tech, where he received a Bachelor of Science degree in management. He also received an MBA from Northwestern University’s Kellogg School of Management and a Master of Engineering Management from the McCormick School of Engineering and Applied Sciences. He is a Fellow of the Culinary Institute of America and has served as an executive-in-residence at the Cornell University School of Hotel Administration.

 

Jason Maceda

Chief Development Officer

Jason Maceda serves as Chief Development Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Maceda leads all aspects of franchise restaurant development, including real estate & construction, architecture & design, franchise recruitment, and asset and portfolio management. He previously served as Senior Vice President of Franchise Development for Inspire.

Before becoming SVP of Franchise Development, Maceda served as Brand President of Baskin-Robbins. As President, Maceda set the strategic direction for Baskin-Robbins and was responsible for overseeing the brand’s marketing and operations, as well as the brand’s relationship with its franchise community.

Before becoming Brand President, Maceda held a number of roles within Dunkin’ Brands, including SVP, Baskin-Robbins U.S. and Canada and VP of Finance. Prior to joining Dunkin’ Brands, he served in a finance supervisory position at Davol Inc., a subsidiary of C.R. Bard Inc., a multi-national manufacturer of healthcare products.Previously, Maceda worked in public accounting at Ernst & Young, LLP.

Maceda currently serves as a Board Member and Treasurer for the Joy in Childhood Foundation.

Maceda is an alumnus of the University of Rhode Island, where he received both a undergraduate degree and a MBA.

 

Christopher Held, PhD

Chief Supply Officer

Christopher Held serves as Chief Supply Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Held is responsible for leading the supply chain functions of Baskin-Robbins, Buffalo Wild Wings, SONIC, and Jimmy John’s, as well as Arby’s and Dunkin' supply chain outside the United States.

Prior to Inspire, Held was with Restaurant Supply Chain Solutions (RSCS), the supply chain management organization for Yum! Brands. At RSCS, Held served as Senior Vice President for Kentucky Fried Chicken, where he was responsible for leading the supply chain for 4,500 KFC locations.

Previously, Held was with McKinsey & Company where he designed supply chain and operations strategy as well as postmerger supply chain and operations structure for clients across multiple industries. Held previously founded and operated an over the road transportation company and taught Supply Chain at the Georgia Institute of Technology.

Held earned his Ph.D. in Operations Management from the Georgia Institute of Technology, where he also earned a B.S. in Chemical Engineering. He holds master’s degrees in Management (Harvard University), Finance & Financial Law (University of London), Industrial Engineering (Georgia Institute of Technology), and Chemical Engineering (University of Houston).  

 

James North

Brand President, Jimmy John's

James North serves as Brand President of Jimmy John’s, part of the Inspire Brands family of restaurants. Inspire is a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

North sets the strategic direction for Jimmy John’s and is responsible for overseeing the brand’s marketing, operations, and supply chain teams. He is also responsible for the growth and success of Jimmy John’s company-owned restaurants as well as the brand’s relationship with its franchise community. Under North’s leadership, Jimmy John’s has grown to over 2,800 locations in 43 states and is one of the fastest growing restaurant brands in the United States.

North began his career with Jimmy John’s as an Assistant Manager in Champaign, Illinois. He went on to hold several positions within the company, including Area Manager, Guerilla Marketer, and Real Estate Manager. In 2003, North was promoted to Chief Operating Officer and one year later, he was named the company’s President.

North is an alumnus of the University of Canterbury in his home country of New Zealand.

 

Scott Murphy

Chief Brand Officer

Scott Murphy serves as Chief Brand Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby's, Baskin-Robbins, Buffalo Wild Wings, Dunkin', Jimmy John's, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Murphy oversees all brands and the CPG business, enabling tight coordination, standardization of operating procedures where applicable, and improved best practice sharing across the portfolio.

Before becoming the Chief Brand Officer, Murphy served as Brand President of Dunkin', setting the strategic direction for Dunkin' and overseeing the brand's marketing, franchise operations, and culinary teams, as well as the brand's relationship with its franchise community.

Prior to Inspire, Murphy served as President of Dunkin' Americas at Dunkin' Brands. He previously served in a variety of leadership positions with the company, including Chief Operating Officer of Dunkin' and Chief Supply Officer & SVP of International Operations for Dunkin' Brands.

Previously, Murphy served in leadership roles with A.T. Kearney, Inc., a management consulting firm, where he worked to identify and implement operational opportunities within the supply chain for the firm's largest clients.

Murphy is an alumnus of Georgetown University. He also received an MBA from the MIT Sloan School of Management.

 

Michael Haley

President and Managing Director, International

Michael Haley serves as President and Managing Director of International for Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

As President of International, Haley is responsible for growing the company’s restaurant footprint beyond the United States. This includes expanding in international markets where Inspire can secure large, multi-unit agreements with high-performing operators. Today, Inspire’s international presence includes over 10,000 restaurants across nearly 60 global markets.

Prior to Inspire, Haley was based in London as the Chief Partnership Officer at Pret A Manger, where he held global responsibility for Pret’s Partnership shops. Prior to Pret A Manger, he spent more than 14 years with Starbucks Coffee Company in Seattle, Amsterdam, and London. While at the company, Haley led the development for Starbucks licensed and franchised stores across Europe, Middle East, and Africa.

Haley is an alumnus of Villanova University where he earned a Bachelor of Science degree in civil and environmental engineering. He also received an MBA from Georgetown University’s McDonough School of Business.

 

Kate Jaspon

Chief Financial Officer

Kate Jaspon serves as Chief Financial Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Jaspon oversees all accounting and reporting, tax, financial planning and analysis, treasury, and internal audit functions for Inspire and its brands, as well as corporate communications. She is also responsible for managing Inspire’s relationship with lending institutions, investors, and the financial community.

Prior to joining Inspire in December 2020, Jaspon served as the Chief Financial Officer of Dunkin’ Brands, the former parent company to Dunkin’ and Baskin-Robbins, where she led all finance related functions, as well as investor relations since 2017. In this role, she oversaw global financial planning and analysis, accounting, financial reporting, tax, treasury, enterprise risk management, payments, insurance, and demand planning functions.

During her 15-year tenure with Dunkin’ Brands, Jaspon led several transactions including the company’s IPO and follow-on equity offerings, securitizations and numerous debt transactions, the divestiture of a brand, and the sale to Inspire.

Previously, Jaspon spent eight years at KPMG LLP as an auditor. She is currently a member of the CNBC CFO Council, Board of Directors for W.W. Grainger, Inc., a Fortune 500 B2B business, and the Women’s Foodservice Forum. She also served as a Member and Audit Committee Chair of the Board of Directors for MOD Pizza from 2017 to 2019. 

Jaspon is an alumnus of Babson College and is a CPA.

 

Dan Lynn

Chief Commercial and Restaurant Officer

Dan Lynn serves as Chief Commercial and Restaurant Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Lynn oversees Commercial and Inspire Company Restaurants. The Commercial Group oversees the digital guest experience, demand generation, digital retail, and guest product management. This includes customer marketing, public relations, and meetings and events for each brand. He also leads the development of Inspire’s comprehensive data and analytics functions, enabling each brand to leverage analytics and data science to drive competitive advantage and long-term growth. His role drives innovation across product management and operations innovation across Inspire’s restaurants and technology platform. 

Prior to Inspire, Lynn co-founded ZUZU Hospitality, a successful revenue platform for thousands of independent hotels across Asia.

Prior to founding ZUZU, Lynn worked for Expedia Group and led strategy and analytics for the North American business. He went on to launch Expedia in 13 new countries and served as CEO of AirAsia Expedia, and then head of APAC and Emerging Markets for Vrbo (an Expedia Group company).

Before joining Expedia Group, Lynn worked in McKinsey’s London office, where he served global companies in the travel and hospitality industries.

Lynn is an alumnus of the University of Oxford, where he received a Master of Arts in Economics and Management. Lynn is a native of the United Kingdom.

 

John Kelly

President, Inspire Company Restaurants

John Kelly serves as President, Inspire Company Restaurants of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,000 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

As President, Inspire Company Restaurants, Kelly is responsible for the largest collection of multi-brand company restaurants in the United States representing Arby’s, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC. His organization brings focused attention and resources to grow Inspire’s company restaurants around three key tenants: People, Performance, and Profitability.

Before this role, Kelly was Chief Operating Officer of Arby’s and was responsible for overseeing North American operations for more than 3,400 restaurants. He oversaw the operations excellence of all Arby’s restaurants in the United States and Canada and led a team of more than 200 operations professionals.

Prior to becoming COO, Kelly served as Senior Vice President of Operations for the East Region, where he led operations management for 1,400 corporate and franchise restaurants. He also previously served as Senior Vice President of Operations for the West Region, where he led operations management for 1,800 corporate and franchise restaurants.

Prior to Arby’s, Kelly worked in Operations for McDonald’s, where he served as an Operations Consultant and assisted as a liaison for menu management, product development, and restaurant innovation in Chicago.

Kelly is an alumnus of Northern Illinois University where he received a Bachelor of Science degree in Communications.

 

John Bowie

Brand President, Buffalo Wild Wings

John Bowie serves as Brand President of Buffalo Wild Wings, part of the Inspire Brands family of restaurants. Inspire is a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Bowie sets the strategic direction for Buffalo Wild Wings and is responsible for overseeing the brand’s marketing, franchise operations, and supply chain teams. He is also responsible for the brand’s relationship with its franchise community.

Before becoming Brand President, Bowie served as Chief Operating Officer of Buffalo Wild Wings. As COO, he oversaw North American operations for more than 600 company-owned restaurants and more than 500 franchise restaurants. He led all operations services, including training, systems, equipment, quality assurance, and performance management.

Prior to joining Buffalo Wild Wings, Bowie served as Chief Operating Officer of Arby’s. As COO, Bowie was responsible for overseeing global operations for more than 1,000 company-owned restaurants and more than 2,400 franchised restaurants across seven countries. He led all operations services, including training, restaurant services, and quality assurance. Bowie previously served as Arby’s Senior Vice President of Operations for the Northeast Region. During his tenure at Arby’s, the brand’s global system sales surged 20% to $3.7 billion, its restaurants’ average annual sales increased 22%, and restaurant margins increased 300+ BPS.

Prior to Arby’s, Bowie was President of U.S. Operations for Church’s Chicken where he was responsible for all aspects of Church’s domestic business. Reporting to the CEO (Private Equity Operating Partner), Bowie served as the number two enterprise officer with responsibility for $1.2B in revenue, $50M in EBITDA and 1,300 restaurants. He led a team of 125+ restaurant professionals in several business functions including: operations, training, finance, marketing, human resources, franchising, development, and quality assurance.

Prior to Church’s Chicken, Bowie served as Senior Vice President and Chief Operations Officer of Friendly’s Ice Cream Corporation. In this role, he was responsible for all aspects of restaurant operations for 500+ restaurants. In addition, Bowie has held senior operations and marketing roles, both domestically and internationally, with Wendy’s International, Inc.

Bowie sits on the Board of Trustees for the Boys & Girls Clubs of America.

Bowie is an alumnus of the University of Notre Dame where he received a bachelor’s degree. He also received an MBA from Duke University’s Fuqua School of Business.

 

Erik Morris

Chief Investment Officer, Roark Capital Group

Erik Morris joined Roark in 2007, is a member of Roark’s Investment Committee and currently serves as the Chief Investment Officer. He has spent more than 20 years in private equity where he primarily focused on multi-location, consumer-oriented businesses. Prior to joining Roark, Morris was a Partner at Grotech Capital Group, a private equity firm based in Baltimore, MD. Prior to joining Grotech, Morris worked in the investment banking division of Deutsche Bank and its predecessor entities, BT Alex. Brown, and Alex. Brown & Sons. Morris received a B.S. from the Kenan-Flagler School of Business at the University of North Carolina at Chapel Hill.

 

H. Palmer Proctor Jr.

CEO, Ameris Bank and CEO, Ameris Bancorp

Palmer Proctor is CEO of Ameris Bank and CEO of Ameris Bancorp and serves on the Board of Directors of both. Proctor holds degrees from Auburn University and The Stonier Graduate School of Banking, Georgetown University. He is a director of Brown & Brown, Inc., a member of the Advisory Board of Allied Financial, director of Choate Construction Company and served as past chairman of the Georgia Bankers Association. Proctor is involved in many civic activities, serving as emeritus director and past president of Callanwolde Fine Arts Center, former trustee of Fernbank Museum of Natural History, past cabinet member for the Westside Future Fund Campaign and administrative chairman of Peachtree Road United Methodist Church. He is also a member of the Rotary Club of Atlanta and the Buckhead Lions Club. Proctor and his wife founded the Night of Hope Gala, supporting research for MDA/ALS (Lou Gehrig’s disease) and serves on its executive committee. In August 2021, Proctor was recognized by the Atlanta Business Chronicle as one of the Most Admired CEOs.

 

Wonya Lucas

President and CEO, Hallmark Media

Wonya Lucas is president and chief executive officer of Hallmark Media. Lucas oversees the company’s portfolio of entertainment brands, including linear networks Hallmark Channel, Hallmark Movies & Mysteries, and Hallmark Drama; subscription video on demand service Hallmark Movies Now.

Prior to joining Hallmark Media in August of 2020, Lucas was president and chief executive officer of Public Broadcasting Atlanta, where she oversaw Atlanta’s NPR (WABE) and PBS (ATL PBA) stations. Previously, she was president and chief executive officer of TV One, where she became the second African American woman to hold the president and chief executive officer role at a cable television network. Prior to joining TV One, Lucas held several positions at Discovery Communications, including executive vice president and chief operating officer for Discovery Channel and Science Channel, and global chief marketing officer, which entailed oversight of marketing in 210 countries and over 130 networks.

Before joining Discovery Communications in 2008, Lucas served as general manager and executive vice president of The Weather Channel Networks, where she was responsible for corporate strategy and development and strategic marketing for The Weather Channel, Weather Channel radio and weather.com. She joined The Weather Channel Networks from Turner Broadcasting System, where she acted in a variety of roles, including senior vice president of strategic marketing for CNN (cnn.com, CNN radio, CNN Networks Worldwide and HLN); vice president of business operations and network development for TNT and TBS; and vice president of entertainment marketing for TNT Entertainment properties.

Earlier in her career, Lucas spent several years in various brand management roles for The Coca-Cola Company and Clorox.

Lucas currently serves on the Peabody Awards Board of Jurors, Sundance Institute Board of Trustees, as well as The Cable Center’s and NCTA’s Board of Directors. She received an MBA in Finance and Marketing from The Wharton School at the University of Pennsylvania and BS Industrial Engineering from the Georgia Institute of Technology. In 2022, she was named among The Hollywood Reporter’s Power 100 Women in Entertainment, Adweek’s TV Executive of the Year, a Multichannel News Wonder Woman, and WICT Networks’ Woman of the Year (Programmer). Most recently, she was named to The Cable Center’s Hall of Fame and Broadcasting and Cable’s Hall of Fame.

Lucas is based in the company’s Studio City office and reports to Mike Perry, president and chief executive officer of Hallmark Cards, Inc.

 

Marc Rosen

CEO, JCPenny

Marc Rosen is the chief executive officer of JCPenney. Rosen is focused on leading transformational growth through the next era of the business and strengthening omnichannel capabilities to deliver a seamless shopping experience for customers however they choose to shop.

Rosen has over 25 years of retail and e-commerce experience having previously served as executive vice president and president of Levi Strauss Americas at Levi Strauss & Co., leading commercial operations for Levi's®, Dockers®, Signature by Levi by Levi Strauss & Co.TM, and Denizen® brands across all channels. As leader of the company's Digital Enterprise Office, he drove the digital strategy for one of the world's largest brand-name apparel companies.

During his tenure at Levi Strauss & Co., Rosen held executive-level roles overseeing their direct-toconsumer business. In this position, he was responsible for leading the company's global e- commerce and retail businesses, including 3,000 stores, resulting in transformational growth. Prior to Levi Strauss & Co., Rosen spent 14 years at Walmart Inc. in a variety of senior leadership functions, ultimately serving as senior vice president of global e-commerce. He began his career at Ernst & Young, providing strategic retail advisory services.

Rosen holds a bachelor's degree from the University of Michigan and earned his master's degree in business administration from the University of Chicago Booth School of Business.

 

Michelle Jarrard

CEO, BioCircuit Technologies

Michelle Jarrard is the CEO of BioCircuit Technologies, an early-stage medical device company focused on peripheral nerve repair and neurorehabilitation. Prior to the launch of BioCircuit, Jarrard served as Managing Director of the GRA Venture Fund, a venture capital fund focused on early-stage companies commercializing intellectual property developed on local university campuses.

Jarrard entered the technology start-up space following a 25-year career at McKinsey & Company. While there, she was a Senior Partner and the Firm's global Chief HR & Talent Officer, and a member of the Firm’s Global Operating Committee, with responsibilities spanning the Firm’s 50+ country footprint. She spent the first half of her career at McKinsey as a client-serving consultant and partner specializing in operations improvement.

Jarrard is also a Board Member of two public companies, Lazard Ltd and Crawford & Company. She was a Trustee of Children's Healthcare of Atlanta (2012-2019) and a Trustee of the Georgia Tech Foundation Board (2014-2019).

Jarrard has an MBA from Harvard Business School and a Bachelor of Industrial Engineering from Georgia Tech. Michelle has resided in Canada, the US and England. She and her husband, Jimmy, reside in Atlanta and have two grown children.

 

Neal Aronson

Founder and Managing Partner, Roark Capital Group and Co-Founder, Inspire Brands

Neal Aronson founded Roark Capital Group in 2001 and is a member of Roark’s Investment Committee. In addition to his responsibilities as Managing Partner, Aronson is most actively involved in Roark’s investments in Inspire Brands, Driven Brands, FOCUS Brands and Primrose Schools, and was previously the Chairman of the Board of Roark’s prior investment in Wingstop. Prior to founding Roark, Aronson was Co-Founder and CFO of U.S. Franchise Systems (“USFS”). Aronson helped transform USFS from one brand with 22 hotels in nine states to three brands with more than 500 hotels in 50 states and five countries, making USFS the tenth largest hotel company in the United States. Prior to founding USFS, Aronson was a Principal of Odyssey Partners, L.P., a private investment partnership founded by Jack Nash and Leon Levy. Prior to Odyssey, Aronson was a Principal and General Partner at Acadia Partners, L.P. (now Oak Hill Partners) and subsequently a Managing Director of a successor company, Rosecliff Inc. Aronson began his career in the corporate finance department at Drexel, Burnham, Lambert Incorporated. Aronson received a B.A. from Lehigh University.

 

Steve Romaniello

Senior Advisor, Roark Capital Group

Steve Romaniello is Senior Advisor of Roark Capital Group and is also a member of the Board of Directors of FOCUS Brands. A native of Stamford, CT, and a Tufts University graduate, Romaniello is also a member of the Board of Directors and sits on the Executive Committee of Share our Strength, the nation’s leading charity focused on food security in the United States. Romaniello is a member of the International Franchise Association’s Hall of Fame, is the recipient of the IFA’s Ronald E. Harrison Award for his work in the area of Diversity, Nation’s Restaurant News Golden Chain Award, and IFMA’s Silver Plate Award. Romaniello and his wife Tina reside in Saint Petersburg, FL.

 

Jonathan Biggs

Brand Head, Baskin-Robbins

Jonathan Biggs serves as the Brand Head of Baskin-Robbins US, part of the Inspire family of restaurants. Inspire is a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Biggs leads a growing Team 31 comprised of over 1,200 franchisees with over 2,500 shops across the country. He has been withDunkin’ and Baskin-Robbins for 14 years, holding various roles building successful shop operations and strengthening franchisee relationships.

In his previous position as Vice President of Operations, he led simplification efforts and guest experience in shops. His passion for empowering his team to propel the growth of Baskin-Robbins is evident in his leadership.

Biggs is an alumnus of Georgia Institute of Technology where he received a bachelors degree in engineering.

 

Yasir Anwar

Chief Technology Officer

Yasir Anwar serves as Chief Technology Officer of Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Anwar oversees product engineering, data engineering, technology operations, architecture, cybersecurity, enterprise applications, infrastructure and development operations, and the Office of the Chief Technology Officer. He is also a member of the Inspire Brands Management Committee.

Prior to Inspire, Anwar served as the Chief Technology and Digital Officer for Williams-Sonoma, where he led the cultural transformation of teams, shifting the mindset to outcomes over output, and developed an organizational structure that ultimately turned the company’s technology function into one of its biggest strengths across its nine brands.

Before Williams-Sonoma, Anwar was the Chief Technology Officer for Macy’s. His experience also includes senior engineering and architecture roles at Walmart, Wells Fargo, and several other companies.

Anwar holds a masters degree in Computers & Management from Barkatullah University (Bhopal University).

 

David Graves

Brand President, Arby's

David Graves serves as Brand President of Arby's, part of the Inspire family of restaurants. Inspire is a multi-brand restaurant company whose portfolio includes more than 32,600 Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and SONIC restaurants worldwide. Inspire is supported by more than 675,000 company and franchise team members.

Graves sets the strategic direction for Arby’s and is responsible for the growth and success of over 3,400 franchise and corporate restaurants.

Prior to joining Arby’s, Graves served as the President of Pizza Hut, where he expanded average unit volumes and four-wall economics by focusing on innovation, brand modernization, digital transformation, and operational excellence. Prior to joining Pizza Hut, Graves served the KFC brand for four years overseeing menu strategy, innovation, insights, and growth.

Prior to joining the restaurant industry, Graves held multiple roles at P&G over 13 years with the company. During that time, he worked on multiple iconic brands including Pampers and Pantene, and he implemented innovation and growth plans around the world.

Graves is an alumnus of Purdue University where he received a bachelor’s degree.