Founder Russ DiGilio to retain a stake and serve on board of directors
Duck Donuts, a 102-unit doughnut chain based in Mechanicsburg, Pa., has been acquired by an affiliate of NewSpring Capital, a private equity firm based in Radner, Pa., and has promoted Betsy Hamm to CEO from chief operating officer, the chain said Tuesday.
Russ DiGilio, who founded Duck Donuts in 2007 in the town of Duck, N.C., on the state’s Outer Banks, and started franchising in 2013, remains a “significant owner” of the concept and will be a member of the chain’s newly formed board of directors, according to a release announcing the sale, which said Hamm would “focus on building and protecting the franchise brand and providing best-in-class franchise support while driving company growth and profitability. She is responsible for strengthening company culture, ensuring operational efficiencies, and maximizing franchisee success.”
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.
Duck Donuts sale to private equity company expected to elevate ‘brand to the next level’ PennLive.com 48 mins ago Sue Gleiter, pennlive.com
Duck Donuts and its string of franchise locations today were acquired by a private equity company in a move designed to expand the brand, according to a press release.
Popular Searches
NewSpring Capital, a family of private equity strategies based in Philadelphia, acquired the doughnut company, which is headquartered in Hampden Township.
Duck Donut founder and CEO Russ DiGilio, who opened the first shop in Duck, North Carolina in 2007, said the partnership with NewSpring Franchise will accelerate growth and brand awareness as well as access to capital and resources to strengthen infrastructure and locations.
Duck Donuts acquired by Radnor-based private equity firm, announces new CEO cpbj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cpbj.com Daily Mail and Mail on Sunday newspapers.