Transactions & News

What led NewSpring to buy a majority stake in Duck Donuts

This article was first published by the Philadelphia Business Journal.

Radnor private equity firm NewSpring has acquired a majority stake in Duck Donuts, the fast-growing Central Pennsylvania-based donut franchise. Financial terms of the deal were not released.

Patrick Sugrue, the NewSpring general partner who led the deal, would only say that his firm acquired a majority stake and that Free Fenix, a Charlotte, North Carolina-based hybrid investment company, partnered with NewSpring and now owns a minority stake.

Russ DiGilio, founder and original CEO of Duck Donuts, maintains a minority stake but has passed the CEO reins to former marketing executive Betsy Hamm, who joined the company after 15 years with Hershey Entertainment & Sports and eventually became chief operating officer.

“We are always looking ahead and for ways to grow,” Hamm said. “We felt we needed to find additional capital and strategic experience.”

Read more...

Related Articles

Duck Donuts Bought by Private Equity Firm, Changes Leadership

For the past year and a half, Duck Donuts’ founder and former CEO Russ DiGilio has been exploring...

Portfolio News

May 04, 2021

Read more

15 Ways Fast Casual Will Change in a Post-COVID World

For a lot of fast casuals, 2020 proved to be tale of two halves. The first half, and in particular...

PE Perspectives/White Papers

April 15, 2021

Read more

Get the latest
NewSpring news

arrow_forwardSubscribe

Get the latest news delivered to your inbox

arrow_forward Subscribe now