Portfolio News

Duck Donuts Bought by Private Equity Firm, Changes Leadership

This article was first published by Franchise Times.

For the past year and a half, Duck Donuts’ founder and former CEO Russ DiGilio has been exploring ways to grow his brand and strengthen the franchise system. Once he was introduced to NewSpring Capital, a private equity firm based in Philadelphia, DiGilio was immediately impressed by their general partner Patrick Sugrue and his recent experience as CEO of Saladworks.

“Once we began to have serious conversations, we became increasingly confident NewSpring has the experience and ability to assist us in taking our brand to the next level,” DiGilio said. His broker, Fairmount Partners, helped make the initial connection, and in mid-April, NewSpring acquired Duck Donuts, in conjunction with the 14-year-old donut brand announcing a change in leadership.

DiGilio created Duck Donuts in the town of Duck, North Carolina in 2007 and began franchising the made-to-order donut concept in 2013. Since then, he’s helped grow the brand to 101 franchise locations in 21 states, plus one international location in Dubai and a few food trucks. While remaining a significant owner, DiGilio will step down as CEO and will serve as a member of the newly formed board, helping to steer the strategic direction of the company.

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