InterOcean Coffee Company LLC to Open 122 New Restaurants in Milwaukee and Phoenix
CANTON, Mass., April 1, 2008 // PRNewswire // -- Dunkin' Donuts, the world's largest coffee and bakery quick-service restaurant chain, announced today the signing of a significant multi-unit store development agreement with InterOcean Coffee Company LLC for the development of 122 restaurants -- 50 in Milwaukee and 72 in Phoenix. InterOcean Coffee Company plans to open seven restaurants in Milwaukee and 18 in Phoenix by the end of 2009. The balance of the restaurants will open over the next several years.
InterOcean Coffee Company LLC was formed by InterOcean Equity Partners LLC along with Melrose Asset Management LLC to develop Dunkin' Donuts restaurants in emerging areas across the United States. In addition to the 122 Dunkin' Donuts, the company's affiliates own and operate 10 Palm Beach Tans and 22 Blockbuster Video stores in Connecticut and New York. InterOcean Equity Partners LLC is a wholly-owned subsidiary of Chicago-based financial services company, InterOcean Financial Group LLC.
"We are very excited to have this development opportunity in two great cities and to be part of the growth of the Dunkin' Donuts brand across the country," says Hank Huth, managing member of Stamford, CT-based Melrose Asset Management LLC.
Dunkin' Donuts' development of the Milwaukee and Phoenix markets is part of an aggressive national growth strategy, which includes expanding in existing markets while entering new cities across the country. The company is actively seeking new franchisees to own and operate a minimum of five restaurants to help direct the company's future growth. In addition to the 50-unit agreement in Milwaukee, franchise sales opportunities exist in Madison, WI.
"To fulfill our national expansion goals, Dunkin' Donuts is looking for multi-unit franchisees like InterOcean Coffee Company LLC with a strong organization and the ability to manage a portfolio of units effectively and successfully," says Lynette McKee, CFE, vice president of franchising, Dunkin' Brands, Inc. "We also look for prior restaurant operations and real estate development experience."
Building a network of restaurants also enables Dunkin' Donuts to invest in a distribution model that ensures consistent, high-quality products that customers expect when visiting a Dunkin' Donuts location. In an effort to keep the brand fresh and competitive, Dunkin' Donuts offers franchisees a variety of designs and venues, including free-standing stores, sites within shopping centers and convenience stores, as well as other retail environments.
According to McKee, "Dunkin' Donuts will satisfy a growing demand in Milwaukee and Phoenix for high quality coffee and baked goods that are available all day. Dunkin' Donuts is proud to energize Americans and keep the honest, hard-working, value-driven people of this country running every day -- whether it's in a boardroom, a schoolroom or a construction site. We look forward to being a vibrant part of the community and playing an important role in the daily lives of the people who live and work in Milwaukee and Phoenix."
Dunkin' Donuts recently launched its new, all-day Oven-Toasted menu. The new platform marks the most significant change to Dunkin' Donuts product lineup since the company launched espresso-based beverages in 2003. The menu items are now available in 3,500 shops throughout the country, including participating Dunkin' Donuts locations in New England, New York and Florida, and will be available nationwide by spring.
Dunkin' Donuts has been serving freshly ground and freshly brewed coffee and bakery items for more than 58 years. The company sells more donuts and bagels than any other quick service restaurant in America, and is the number one retailer of hot and iced coffee, selling more than one billion cups of coffee a year in its restaurants throughout the country. Dunkin' Donuts has set the standard for offering a superior grade of coffee, and the company sells more than one billion cups of hot and iced coffee every year. In 2007, AOL.com readers cited Dunkin' Donuts as the "Best Overall" coffee. For the second year in a row, Dunkin' Donuts ranked number one in customer loyalty in the coffee category by the Brand Keys Customer Loyalty Engagement Index.
Founded in 1950, today Dunkin' Donuts is the number one retailer of hot regular coffee-by-the-cup in America, selling 2.7 million cups a day, nearly one billion cups a year. Dunkin' Donuts is also the largest coffee and baked goods chain in the world and sells more hot regular coffee, iced coffee, donuts, and bagels than any other quick service restaurant in America. Dunkin' Donuts has more than 7,200 franchised restaurants in 31 countries worldwide. Based in Canton, Massachusetts, Dunkin' Donuts is a subsidiary of Dunkin' Brands, Inc. For additional franchising information, visit http://www.dunkinfranchising.com or call (877) 9-DUNKIN.
SOURCE Dunkin' Donuts