Roark Capital Advances IPO Plans for Inspire Brands
Roark Capital has selected investment banks to manage a potential US initial public offering of Inspire Brands, the restaurant group that owns Dunkin’, Arby’s, and Jimmy John’s, which could raise around $2bn and occur as early as this year, according to a report by Bloomberg cited in the source. JPMorgan Chase and Bank of America have been chosen to lead the listing, while Barclays, Goldman Sachs, and Morgan Stanley are also expected to participate, as stated by unnamed people familiar with the matter.
Details of the IPO Preparation
The potential IPO involves Inspire Brands, formed by Roark Capital in 2018 as a platform for restaurant franchising and operations, with its portfolio including brands such as Baskin-Robbins, Sonic Drive-In, and Buffalo Wild Wings. Roark and Inspire have been considering a public listing since at least 2024, with early discussions held with advisers around that time, and the group expanded significantly in 2020 through its $11bn acquisition of Dunkin’ Brands. All parties involved declined to comment or did not respond to requests for comment, according to the source material.
Background on Inspire Brands
Inspire Brands reported approximately $33.4bn in global systemwide sales in 2025, according to company disclosures, reflecting its growth as a major player in the restaurant sector. The company’s expansion includes the 2020 acquisition that added Dunkin’ to its existing brands, building a diversified portfolio focused on franchising and operations in the US market.
Market Context for the IPO
The potential IPO occurs amid a broader pickup in US equity issuance, particularly from private equity-backed companies, with recent activity in consumer-facing businesses continuing despite concerns about household spending pressures. According to Private Equity Wire, timing for the deal remains subject to market conditions, aligning with trends in the equity markets.
