CANTON (CBS) – Dunkin’ is being sold.
The Wall Street Journal reported Friday that Inspire Brands Inc. will buy Dunkin’ Brands Group, the parent company of Dunkin’ and Baskin-Robbins, for approximately $11.3 billion including debt.READ MORE: Massachusetts gas prices now at record high $4.60 a gallon
Inspire owns more than 11,000 Arby’s, Buffalo Wild Wings, SONIC Drive-In and Jimmy John’s locations nationwide. The company is backed by the private equity group Roark Capital Group.
“We are excited to bring meaningful value to shareholders who have been with us on this journey and believe that Inspire Brands, a preeminent operator of franchised restaurant concepts, will continue to drive growth for our franchisees while remaining true to all that is unique and special about the Dunkin’ and Baskin-Robbins brands,” said Chief Executive Officer of Dunkin’ Brands Dave Hoffmann in a statement on Friday.
In their release, Inspire and Dunkin’ announced they have entered into a “definitive merger agreement” that has been “unanimously approved by the Board of Directors” of each company.READ MORE: Coronavirus In Massachusetts: Today's Developments
“Dunkin’ and Baskin-Robbins are category leaders with more than 70 years of rich heritage, and together they are two of the most iconic restaurant brands in the world,” said Paul Brown, Co-founder and Chief Executive Officer of Inspire Brands, in a statement. “By joining Inspire, these brands will add complementary guest experiences and occasions to our current portfolio.”
The two companies say they expect the transaction to be completed by the end of 2020.
Dunkin’, which is headquartered in Canton, Mass., has over 12,500 Dunkin’ restaurants and almost 8,000 Baskin-Robbins restaurants.MORE NEWS: Celtics core group makes their statement with series win over Bucks
The Wall Street Journal says the deal will make Inspire “the second-largest U.S. restaurant chain by domestic sales after McDonald’s Corp.”