Roark Capital is in the preliminary stages of considering an initial public offering (IPO) for Inspire Brands, the parent company of fast-food chains such as Dunkin’, Arby’s and Jimmy John’s, Bloomberg has reported.
The private equity firm has initiated discussions with potential advisers about a listing that could take place in late 2024 or 2025.
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The valuation of Inspire Brands could be approximately $20bn. No definitive decisions regarding the pursuit of an IPO or its specifics have been made.
Representatives for Roark did not immediately respond when approached and a spokesperson for Inspire Brands declined to comment.
Established by Roark in 2018, Inspire Brands has grown to become the owner, operator and franchisor of a diverse portfolio of restaurant brands which includes Baskin-Robbins, Sonic Drive-In and Buffalo Wild Wings.
In 2022, Inspire Brands executed an $11bn take-private acquisition of Dunkin’, one of the largest transactions in the restaurant industry to date.
Roark, based in Atlanta, is a significant investor in the fast-food industry, managing assets across two primary groups: Inspire and Focus Brands. Focus Brands’ portfolio includes Auntie Anne’s, Cinnabon and Jamba.
In 2023, Roark announced its acquisition of the sandwich chain Subway for $9.6bn. It also holds a stake in The Cheesecake Factory.
Roark Capital outbid TDR Capital and Sycamore Partners, who reportedly made a final offer of $8.75bn with an earn-out.
In 2018, Inspire Brands closed the acquisition of American fast-food chain Sonic Drive-In for $2.3bn.
