Three private equity firms have agreed to pay US$2.43 billion for Dunkin' Donuts and two other restaurant chains, the companies announced.
French beverage company Pernod Ricard SA agreed to sell Dunkin' Brands to Thomas H. Lee Partners, the Carlyle Group and Bain Capital four days after bidding closed in an auction for the US fast food company -- owner of the Dunkin' Donuts chain, Baskin-Robbins ice cream parlors and Togo's sandwich stores.
"The sale of Dunkin' Brands, within our expected timetable, is excellent news for Pernod Ricard as it allows us to accelerate the reduction of our debt," Pernod Chairman and chief executive officer Patrick Ricard said in a statement on Monday.
"I'm feeling very, very positive," said Dunkin' Brands CEO Jon Luther.
The Paris-based drinks maker made its plans to sell Dunkin' Brands clear after acquiring its former British parent, Allied Domecq PLC, in July.
"Their core business was spirits and wine, and we really had to fight for attention," said Luther. "When I wake up tomorrow, I know I have partners who will put us No. 1."
Pernod said the sale will be completed early next year, subject to regulatory approval.
Founded in 1950 in Quincy, Massachusetts, Dunkin' Donuts is now the largest US doughnut franchise. It has more than 6,000 stories in 30 countries, which it says draw 2.7 million customers each day. There are more than 5,000 Baskin-Robbins ice cream parlors and about 400 Togo's around the world.
The three companies will invest equal amounts in the company and management, according to a joint press release.
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