ABC News is reporting that the parent company of Arby's, Inspire Brands, is buying Jimmy John's Sandwiches.
Inspire, based in Atlanta, said on Wednesday that the "acquisition will make it the fourth-largest restaurant company in the U.S., with annual sales of $14 billion and 11,200 restaurants." The company also owns Sonic and Buffalo Wild Wings.
The buyout is an attempt to help "reverse sluggish sales" at the sandwich chain.
Inspire is hoping to help the brand with marketing and product development, among other things. The company also said that Jimmy John's has the "potential for international expansion."
Jimmy John's founder and chairman, Jimmy John Liautaud, will step down from that position and become an adviser to the board at Inspire. Liautaud has been a source of friction for the company, after social media photos showed him posing with an elephant and a leopard he had killed on various hunting trips.
The deal is expected to be completed by the end of October.