Duck Donuts, founded in the Outer Banks of North Carolina, has been sold to private equity investors interested in further accelerating the growth of the popular made-to-order doughnut business.
April 14, 2021
Mechanicsburg, Pennsylvania-based Duck Donuts has a new CEO and parent company. NewSpring Franchise, which is focused on investing in franchise and multi-unit concepts, acquired the 101-unit doughnut shop this week with backing from Free Fenix, a Charlotte-based hybrid investment company. Duck Donuts could not be more excited to partner with the NewSpring team, who offer a wealth of knowledge and experience that will elevate our brand to the next level, Russ DiGilio, founder and original CEO of Duck Donuts, said in a company press release. He launched the brand in 2007 in the town of Duck in the Outer Banks of North Carolina and began franchising in 2013. The chain now spans 27 states and four countries.