Davies Acts for A&W Revenue Royalties Income Fund in Strategic Combination with A&W Food Services

Davies is acting for A&W Revenue Royalties Income Fund in its strategic combination with A&W Food Services of Canada to create a leading publicly traded quick-service restaurant (QSR) company.

The transaction will result in a new public company with a simplified traditional corporate structure that is directly comparable to other global publicly listed quick-service-restaurant franchisors, providing numerous benefits to unitholders as compared to the current structure. Unitholders will also have the option to elect cash consideration at a significant premium to the pre-announcement trading price of the Fund’s units, subject to proration.

Established in 1956, over the past decade A&W has been Canada’s fastest-growing large-scale QSR burger brand. It is #2 in the $12.5 billion Canadian QSR burger market.

The Davies team included: Vincent Mercier, Kevin Greenspoon, Brooke Jamison, Jonas Farovitch, Zahra Naqvi and Brandon Orr (Corporate/Public M&A); David Wilson and Daniel Pearlman (Securities/Capital Markets); Scott Hyman (Banking); Ian Crosbie, Ian Caines and Sharon Ford (Tax); Alexander Max Jarvie and Sumeet Dang (IP/Privacy); Anita Banicevic and Umang Khandelwal (Competition); and Seann McAleese (Employment).