Dunkin' Brands has agreed to be acquired by Inspire Brands for $11.3 billion including debt, bringing chains like Arby's and Dunkin' Donuts under the same umbrella in one of the largest restaurant deals.
Inspire Brands, which owns Arby's, Buffalo Wild Wings and Sonic Drive-In, said its all-cash deal to take the owner of Dunkin' Donuts and Baskin-Robbins chains private would value it at $106.50 a share. That represents a nearly 20% premium over Dunkin's last closing share price on Oct. 23, before the New York Times first reported the deal talks.
"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," co-founder and CEO of Inspire Brands, Paul Brown, said in a statement. "By joining Inspire, these brands will add complementary guest experiences and occasions to our current portfolio.
Further, they will strengthen Inspire through their scaled international platform and robust consumer packaged goods licensing infrastructure, as well as add more than 15 million loyalty members. We are excited to welcome Dunkin' and Baskin-Robbins' employees, franchisees, and suppliers to the Inspire family."
The coronavirus pandemic and its disruption of coffee drinkers' usual routines has hurt Dunkin's sales, sending same-store sales in the U.S. down 18.7% in the second quarter. But its drive-thru lanes are aiding its sales recovery, along with new drink offers and a partnership with TikTok star Charli D'Amelio. Rival Starbucks reported steeper U.S. same-store sales declines of 40% in its latest quarter.
"Today's announcement is a testament to our world-class group of franchisees, licensees, employees, and suppliers who have worked together to transform Dunkin' and Baskin-Robbins into modern, relevant brands," Dunkin' Brands CEO Dave Hoffmann said in a statement. "This team's grit and determination has enabled us to deliver outsized performance and made our brands among the most elite in the quick service industry. I am particularly proud of our actions since March of this year. During the global pandemic, we have stood tall. We've had each other's backs and are now stronger than ever."
Dunkin' and Baskin-Robbins on Thursday posted a surprise rise in U.S. comparable sales in the third quarter.
—CNBC contributed to this report.
Business - Latest - Google News
October 31, 2020 at 08:05AM
https://ift.tt/3jLHkAZ
Inspire Brands to buy Dunkin' Brands Group for $11.3 billion including debt - CNBC
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Inspire Brands to buy Dunkin' Brands Group for $11.3 billion including debt - CNBC"
Post a Comment