Existing Franchisee to Open Six Restaurants in Greenville and Eight in Columbia
CANTON, MA--(Marketwire - September 30, 2010) - Dunkin' Donuts, America's favorite every day, all-day stop for coffee and baked goods, announced today the signing of a multi-unit store development agreement with franchisee, The Beekman Group, for its portfolio company, TBG Food Acquisition Corp. ("TBGFAC") to build fourteen new restaurants in South Carolina. TBGFAC will develop six restaurants in Greenville and eight in Columbia. Restaurants in both markets will begin to open in 2011 with the 14-store development expected to be completed by 2016.
The Beekman Group is a private equity firm focused on partnering with small and middle-market companies to achieve strong growth potential. The Beekman Group partnered with Peter Marrinan, a 14-year Dunkin executive, to develop TBGFAC through new store development and strategic acquisitions. TBGFAC began with 16 stores in December 2005 and currently owns and operates 44 locations, including 14 restaurants in Greenville in addition to its 30 locations in and around Westchester County, New York.
"We are pleased to continue the growth of Dunkin Donuts in our TBGFAC portfolio company," said John G. Troiano, The Beekman Group's managing partner. "Since our initial acquisition in December 2005, we have worked with Dunkin' Brands and TBGFAC management to almost triple the company's locations through new store openings and acquisitions. We look forward to continuing this development in South Carolina and New York."
During the first half of 2010, Dunkin' Donuts opened 338 net new locations worldwide with 75 of those new restaurants opening in the U.S. The company also signed 72 new domestic development commitments, continuing to hold its spot as one of the fastest growing brands in the QSR industry.
"Dunkin' Donuts welcomes The Beekman Group to the South Carolina market," said Grant Benson, CFE, vice president of franchising and market planning, Dunkin' Brands, Inc. "As existing Dunkin' franchisees, they possess a wealth of knowledge on the brand, and we are thrilled they are expanding their network in Greenville and Columbia. These restaurants will satisfy a growing demand throughout the state for high quality coffee and baked goods that are available all day."
To drive its expansion efforts, Dunkin' Donuts has aligned its strategy to support the growth opportunities and consumer needs of individual markets. As a result, the company continues to expand with single and multi-unit opportunities with no minimum unit requirements.
Ideally, franchisees should possess a minimum net worth of $500,000 and liquid assets of at least $250,000, but financial qualifications will vary based on the opportunity available by market. This evolution of Dunkin' Donuts' franchise sales effort enables the brand to expand in markets more aggressively, while balancing its market penetration and maturity.
"We are excited to expand Dunkin' Donuts' presence throughout South Carolina and continue to play an important role in the daily lives of people who live, work and visit here," said Peter Marrinan, CEO of TBGFAC. "We have a strong passion and loyalty for the brand and look forward to the opening of our restaurants in the years to come."
Building a solid network of stores within a market enables Dunkin' Donuts to invest in a distribution model that provides a consistent, high-quality product guests expect "in the way and on the way" of their daily routines. In an effort to keep the brand fresh and competitive, Dunkin' Donuts offers flexible concepts for any real estate format including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas, universities, as well as other retail environments.
Historically a doughnut and hot coffee chain, Dunkin' Donuts has expanded its offering to include frozen and iced beverages, a full bakery assortment including bagels and muffins, breakfast sandwiches, and an all-day Oven-Toasted menu which includes flatbread sandwiches, hash browns and buttermilk biscuits. The new platform marks the most significant change to Dunkin' Donuts' product lineup since the company launched espresso-based beverages in 2003.
Founded in 1950, Dunkin' Donuts is America's favorite every day, all-day stop for coffee and baked goods. Dunkin' Donuts is a market leader in the regular/decaf coffee, iced coffee, hot flavored coffee, donut, bagel and muffin categories, and the largest coffee and baked goods chain in the world. Dunkin' Donuts has earned the No. 1 ranking for customer loyalty in the coffee category by Brand Keys for four years running. The company has more than 9,000 restaurants in 31 countries worldwide. In 2009, Dunkin' Donuts' global system-wide sales were more than $5.6 billion. Based in Canton, Massachusetts, Dunkin' Donuts is a subsidiary of Dunkin' Brands, Inc. For more information, visit www.DunkinDonuts.com.
The Beekman Group is a leading private equity firm dedicated to bringing financial and operational resources to lower middle-market companies. TBG's team consists of experienced private equity professionals, as well as a select group of Industry Operating Partners who are leading executives in TBG's targeted industry segments. This Industry Partner approach to investing is the cornerstone of TBG's investment strategy -- creating value through accelerating growth in partnership with small and middle-market management teams.