Inspire Brands, the restaurant group owned by private equity firm Roark Capital, has confidentially filed for a US initial public offering, signalling a potential return to public markets for one of the sector’s largest franchised restaurant operators, according to a report by Reuters.
The Atlanta-based company, which operates more than 33,000 restaurants globally, owns a portfolio of well-known quick-service and casual dining brands including Dunkin’, Arby’s, Jimmy John’s, Buffalo Wild Wings, Sonic Drive-In and Baskin-Robbins.
The filing comes as the US consumer IPO window continues to reopen following a subdued 2025, with several sponsor-backed companies testing investor appetite for new listings in the restaurant and retail space.
Inspire was created in 2018 by Roark Capital as a restaurant holding platform and has since grown into one of the largest privately held foodservice groups in the world. A major milestone in its expansion came in 2020 with the $11.3bn acquisition of Dunkin’ Brands, one of the largest transactions in the sector.
According to prior market reports, the IPO could raise approximately $2bn, although final size, valuation and timing have not yet been determined. The company indicated that proceeds would primarily be used to reduce debt alongside general corporate purposes.
The confidential filing allows Inspire to progress its listing preparations outside the public spotlight, in line with standard US IPO processes under SEC rules.
The move comes as consumer-facing companies continue to navigate mixed trading conditions, with restaurant groups monitoring pressure on discretionary spending while still benefiting from resilient demand in value-oriented dining segments.
