Dunkin' Brands, a portfolio company of Bain Capital, The Carlyle Group and Thomas H. Lee Partners, has filed for a $400 million IPO. The underwriting for the offering is being led by J.P. Morgan, Barclays Capital and Morgan Stanley. Dunkin' Brands is a franchisor of quick service restaurants and the parent company of Dunkin' Donuts and Baskin-Robbins. The company intends to list on the NASDAQ under the symbol DNKN and to use the net proceeds to help redeem senior notes.
PE investors have exited 12 companies in the Restaurants & Bars industry since the beginning of 2009, according to the PitchBook Platform. Exit activity in the industry made a strong recovery last year with nine exits, up from only one during all of 2009. PE Investors have rarely exited Restaurants & Bars companies in recent years by taking them public. Only one of the 12 exits involved an IPO. That was the IPO of Bravo Brio Restaurant Group last October, which represented partial exits for Bruckmann, Rosser, Sherrill & Co., Castle Harlan and Golub Capital. Instead, PE investors have largely favored sales to other PE investors, a method that accounted for 75% of the exits and offers a more immediate complete exit.