Fast-food chain Wendy's said Monday that it will sell a majority stake in Arby's to a private equity group, Roark Group. Wendy's will keep an 18.5 percent stake.

Roark will pay $130 million as part of the deal, in addition to assuming around $190 million in Arby's debt. Roark already is involved in the restaurant business. The Atlanta-based group has controlling stakes in franchises such as Carvel, Cinnabon and Seattle's Best Coffee.

With Arby's, the Wendy's group became the third-largest fast-food company in the United States. Shares of Wendy's Arby's Group Inc. (NYSE: WEN) were up 2.21 percent in early afternoon trading.

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