Chicago-based hedge fund Deerfield & Company announced it is planning to sell a majority interest in its business to Triarc Companies, a holding company headed by fast-food financier Nelson Peltz. It will launch a new multi-strategy hedge fund with $100 million in seed capital from the firm.
Triarc, which operates Arby's fast food chain through its subsidiaries, will acquire an approximately 64% economic interest in Deerfield for a cash price of around $86.5 million. This reflects an enterprise value for Deerfield of approximately $145 million.
As part of the deal, the two companies have jointly formed Triarc Deerfield