Dunkin', Buffalo Wild Wings Owner, Inspire Brands, Files for IPO

Inspire Brands Inc., the owner behind chain restaurants such as Arby's, Dunkin', Jimmy John's, Buffalo Wild Wings, and more, has confidentially filed for a US initial public offering (IPO), according to The Wall Street Journal. 

What We Know So Far

The Journal also notes that, per a company statement, the number of shares and price range for the offering isn't yet known, though the IPO could raise about $2 billion. That said, CNBC reports that Private equity firm Roark Capital, which backs Inspire, is seeking an IPO that would value the company at about $20 billion. 

Inspire was formed in 2018 by Roark. The company added Dunkin' to its portfolio in 2020 through an $11 billion deal that took it private. 

Bloomberg has reported that the company has been weighing a listing since at least 2024. 

Other Consumer-Facing Brands Doing Similar Things

As the Journal notes, consumer-facing companies have been "ramping up activity" due to uncertainty about spending as the cost of living increases and fuel prices continue to rise and may not come down until next year. 

In addition to Inspire, another company, Jersey's Mikes Subs, backed by Blackstone Inc., also filed confidentially for an IPO. That company is seeking a $12 billion valuation, which could come as soon as the third quarter. Another company, Mavis Tire Express Services Corp., which has brands such as Midas and Tuffy, has chosen banks to lead a share sale to raise about $2 billion. 

Note that these are all consumer-facing companies. 

In 2025, Inspire Brands brought in over $33 billion in global sales. In all, there are more than 33,000 restaurants, with 2,700 franchisees, in about 60 markets worldwide. 

The Journal is reporting that the offering will be led by JPMorgan Chase & Co. and Bank of America Corp., though the company is also working with Barclays Plc, Goldman Sachs Group Inc. and Morgan Stanley.