India-based global entrepreneur Teja Chekuri, who is also the Managing Partner at Ironhill India, has acquired nine US-based Dunkin franchisees this week for $18 million via his company Golden Horn Group.
The iconic American brand Dunkin' Donuts LLC, also known as Dunkin and by the initials DD, is an American multinational coffee and doughnut company, as well as a quick service restaurant, is the one of the largest coffee and donut chains in the world.
Founded by Bill Rosenberg in 1950, the company is headquartered in Canton, Massachusetts and is famous for its product range that includes donuts, bagels, coffee, and "Munchkins" donut holes.
The Dunkin brand currently operates 13,000 franchisees worldwide. Nine of these are in Sharon, Hanover, Weymouth, Braintree, Quincy in Massachusetts are now owned by the Golden Horn Group and will be operated under OM Network LLC.
Commenting on the acquisition, Teja Chekuri said, “This is a historic move for our company because getting a Dunkin’ franchisee is really tough. They have set an impressive benchmark of growth in the industry which when achieved enhances progress. As an official Dunkin franchisee, we now have the opportunity to lead the brand in a new direction of growth. We start with 9 Dunkin stores in and around Boston, Massachusetts today and intend to reach 150 outlets in 5 years across several cities in the US. To achieve this, we are in the process of strengthening backend systems that will enable us to grow faster. Our current expertise in establishing international concepts in the global restaurant industry will add to the vibrancy and growth of the brand as we restructure teams to chase this target.”
The official Dunkin approval for this acquisition took almost 2 years and the transition of ownership will be a detailed process that will be completed in 6-8 months.