Dunkin' Brands (early PE era)

exited

Restaurant — Bain Capital / Carlyle / Thomas H. Lee

Deal Terms

Entry Year2006

Entry EV$2.4B

Entry Multiple10x

Leverage6x

Debt Amount$1.73B

Outcome

Exit Year2011

Risk Metrics

LTV (est.)72%

Debt / EV0.72x

Notes

$2.4B LBO of Dunkin' Donuts / Baskin-Robbins from Allied Domecq/Pernod Ricard. PE consortium loaded $1.73B debt. IPO'd 2011 at $2.4B. PE sponsors made 4x return. Roark Capital (via Inspire Brands) acquired for $11.3B (2020). One of PE's better restaurant plays. But: franchise operators squeezed by mandated renovations and rising costs.

Sponsor

Carlyle Group$435B AUM