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EXHIBIT 21.1
TRIARC COMPANIES, INC.
LIST OF SUBSIDIARIES AS OF
MARCH 11, 2005
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STATE OR JURISDICTION
SUBSIDIARY UNDER WHICH ORGANIZED
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Triarc Acquisition, LLC (formerly, Arby's Acquisition, LLC) Delaware
Triarc Restaurant Holdings, LLC Delaware
Arby's, Inc. Delaware
Arby's Merger Co. Georgia
Arby's Restaurant Group, Inc. Delaware
Arby's, LLC Delaware
Arby's Holdings, LLC Delaware
Arby's Finance, LLC Delaware
Arby's Franchise Trust Delaware
Arby's Brands, LLC Delaware
Arby's IP Holder Trust Delaware
Arby's Building and Construction Co. Georgia
Arby's of Canada Inc. Ontario
ARHC, LLC Delaware
Sybra, Inc. Michigan
Sybra of Connecticut, Inc. Connecticut
280 Acquisition, LLC Delaware
TCMG, LLC Delaware
Jurl Holdings, LLC Delaware
VA Funding Corp. Delaware
BNY Funding, LLC Delaware
Triarc Consumer Products Group, LLC Delaware
RCAC, LLC Delaware
Madison West Associates Corp. Delaware
280 BT Holdings LLC(1) New York
National Propane Corporation(2) Delaware
NPC Holding Corporation Delaware
Citrus Acquisition Corporation Florida
Adams Packing Association, Inc. (formerly New Adams,
Inc.) Delaware
Home Furnishing Acquisition Corporation Delaware
1725 Contra Costa Property, Inc. (formerly Couroc of
Monterey, Inc.) Delaware
GVT Holdings, Inc.(3) Delaware
TXL Corp.(formerly Graniteville Company) South Carolina
SEPSCO, LLC Delaware
Crystal Ice & Cold Storage, Inc. Delaware
Triarc Holdings 1, Inc. Delaware
Triarc Holdings 2, Inc. Delaware
Triarc Asset Management, LLC Delaware
SYH Holdings, Inc. (formerly, Ramapo Holding Company, Inc.) Delaware
280 Holdings, LLC Delaware
280 Holdings II, Inc. Delaware
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STATE OR JURISDICTION
SUBSIDIARY UNDER WHICH ORGANIZED
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Triarc AGR Investments, LLC Delaware
DSR Holdings, Inc. Delaware
TPH Holdings LLC Delaware
Triarc Deerfield Holdings, LLC(4) Delaware
Deerfield & Company LLC(5) Illinois
Deerfield Capital Management LLC Delaware
Badger Protection Services, Ltd. Bermuda
Deerfield Opportunities Fund, LLC(6) Delaware
DM Fund, LLC(7) Delaware
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(1) 58.9% owned by Madison West Associates Corp., 37.8% owned by affiliates of
Triarc Companies, Inc. and 3.3% owned by unaffiliated third parties.
(2) 24.3% owned by SEPSCO, LLC and 75.7% owned by Triarc Companies, Inc.
(3) 50% owned by Triarc Companies, Inc. and 50% owned by SEPSCO, LLC.
(4) 99.99% owned by Triarc Companies, Inc. and 0.01% owned by Madison West
Associates Corp.
(5) Triarc Deerfield Holdings, LLC owns a 61.47% profits interest and a 63.6%
capital interest; the remainder is owned by affiliated third parties.
(6) As of March 1, 2005, 74.83% owned by Triarc Companies, Inc.; 20.33% owned by
Triarc Deerfield Holdings, LLC; the remainder is owned by affiliated third
parties
(7) As of March 1, 2005, 93.30% owned by Triarc Deerfield Holdings, LLC; the
remainder is owned by affiliated third parties.