Triarc agreed to acquire a 64% interest in Deerfield & Co., parent of Deerfield Capital Management, for $86.5 million. Once the deal has closed in the third quarter, Triarc will make a $100 million investment to seed a new multistrategy hedge fund that Deerfield will manage. Deerfield's senior management and investment teams - including Gregory Sachs, chairman and CEO; Scott Roberts, president; and Jonathan Trutter, CIO - will continue to run the company, according to a statement from Triarc.
Separately, Triarc and Deerfield jointly formed Triarc Deerfield Investment Corp., a closed-end fund that will make primarily debt and equity investments in middle market companies. Triarc Deerfield filed a registration with the SEC for a proposed $500 million IPO of its common stock. Triarc Deerfield will be a wholly owned subsidiary of Deerfield Capital and an indirect subsidiary of Triarc.
Deerfield Capital managed more than $8 billion in fixed-income strategies for institutional investors, including $7.2 billion in collateralized debt obligations and $900 million in single-strategy hedge funds and separate accounts. Triarc is franchiser of the Arby's restaurant chain.