(Bloomberg) — Roark Capital is in the early stages of considering an initial public offering of Inspire Brands, owner of fast-food chains Dunkin', Arby's and Jimmy John's, people familiar with the matter said.
The private equity firm has held preliminary discussions with potential advisers about listing Inspire in late 2024 or 2025, depending on market conditions, the people said. Inspire could be valued at about $20 billion in any listing, they said, asking not to be identified discussing confidential information.
Deliberations are ongoing and no final decisions have been made on whether to pursue an IPO or on the size and timing of an IPO, the people said. Representatives for Roark did not immediately comment, while a representative for Inspire Brands declined to comment.
Roark founded Inspire in 2018 as an owner, operator and franchisor of a portfolio of restaurant brands. His holdings also include Baskin-Robbins, Sonic Drive-In and Buffalo Wild Wings. In 2022, Inspire purchased Dunkin' in an $11 billion take-private deal that became one of the largest restaurant transactions of all time.
A one-minute Dunkin' commercial aired during the Super Bowl on February 11th featuring actors Ben Affleck and Matt Damon, singer Jennifer Lopez and former NFL star Tom Brady. Thirty-two Super Bowl commercials cost an average of $7 million.
Atlanta-based Roark is known for investing heavily in the fast food sector. The holdings are split between two main groups: Inspire and Focus Brands, which include Auntie Anne's, Cinnabon and Jamba. Roark last year announced a deal to acquire sandwich chain Subway for $9.6 billion. It also owns a stake in The Cheesecake Factory.
—With support from Daniela Sirtori-Cortina.
(Updates with disapproval of a comment from Inspire Brands in third paragraph.)
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