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Inspire Brands, the owner of fast-food chains Dunkin’, Arby’s and Jimmy John’s, said Friday it has confidentially filed for an initial public offering in the United States as the consumer IPO market gains momentum after a tepid 2025.
Atlanta-based Inspire Brands was formed in 2018 by private equity firm Roark Capital as a holding company. It has a portfolio of more than 33,000 restaurants, including Buffalo Wild Wings, Sonic Drive-In and Baskin-Robbins.
In 2020, Inspire Brands acquired Dunkin’ Brands in an $11.3 billion deal, one of the largest restaurant transactions of its kind.
Bloomberg News reported in March that Inspire Brands’ IPO could raise about $2 billion as early as this year. The company said the confidential filing is part of the process that allows companies to prepare for IPOs away from public market scrutiny.
Inspire Brands plans to use IPO proceeds to repay debt and for other purposes. The number of shares to be offered and the price range have not yet been determined.
The confidential IPO filing comes as US restaurant chains including McDonald’s and Domino’s face pressure on consumer spending tied to higher gasoline prices amid the US-Israeli war on Iran.
The IPO window for retailers and consumer-goods companies has opened this year after tariff-related uncertainty weighed on activity in the prior year. Companies that have gone public in New York this year include Once Upon a Farm, Bob’s Discount Furniture, Yesway and Suja Life.
In addition to Inspire Brands, Fashion retailer Tailored Brands and sandwich chain Jersey Mike’s have also confidentially filed for New York IPOs.
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