ATLANTA ( TheStreet) -- Wendy's/Arby's Group ( WEN) reached a deal to sell Arby's Restaurant Group for $430 million to a buyer formed by Roark Capital Group.

In a statement Monday, Wendy's/Arby's said it would retain an 18.5% ownership interest in the Arby's business.

Wendy's/Arby's previously had said it was exploring alternatives for Arby's.

The deal is expected to close in the third quarter.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.