Fast food chain Wendy’s has ended its partnership with Arby’s owner Inspire Brands Inc. after several years.

The hamburger restaurant announced on Thursday that it sold its 12.3 percent stake in the sandwich chain’s parent company for $450 million. The Ohio-based burger restaurant said it is expecting to get about $335 million of cash proceeds.

"The sale of our stake in Inspire Brands for $450 million is a great return on this investment for our shareholders," Wendy’s chairman Nelson Peltz said in a statement.

"Over the past seven years, Wendy's and its shareholders have benefitted from more than $100 million in distributions and the monetization of this investment carries a 38 percent premium over its most recent valuation."

The company also said it looks to utilize the money for growth purposes and to increase its share repurchase program. "The opportunity to monetize our investment in Inspire Brands will allow us to invest in future growth for the Wendy’s brand and company, which is our top priority," said Wendy’s CEO Todd Penegor.

Inspire Brands owns about 4,600 Arby's, Buffalo Wild Wings and R Taco stores worldwide. The company was created in February when Arby’s Restaurant Group acquired Buffalo Wild Wings Wild Wings Inc. in a deal for $2.9 billion. Atlanta-based investment firm Roark Capital Group owns Inspire Brands, which operates more than 1,700 restaurants in the U.S.

Peltz bought Wendy’s in 2008, for $2.3 billion through Triarc Cos Inc, which also owned the burger restaurant at the time. After that, the company started Wendy’s/Arby’s Group. In 2011, Wendy's/Arby's sold Arby's to Roark Capital for about for about $130 million. It retained 18.5 percent stake worth about $30 million at the time, according to CNBC.

Wendy’s, founded in 1969 by Dave Thomas in Columbus, Ohio, now owns and operates about 6,600 franchisee-and company-operated restaurants across the U.S. with other locations in 28 other countries and territories.

Wendy's on Thursday announced it has sold its stake in Arby's. A Wendy's sign is pictured on Aug. 10, 2016 in Daly City, California. Justin Sullivan/Getty Images