Roark Capital has selected a group of investment banks to work on a potential US initial public offering of Inspire Brands, the restaurant group behind Dunkin’, Arby’s and Jimmy John’s, according to a report by Bloomberg citing unnamed people familiar with the matter.
JPMorgan Chase and Bank of America have been chosen to lead the listing, which could raise around $2bn, the people said. A deal could come as early as this year, though timing remains subject to market conditions.
Barclays, Goldman Sachs and Morgan Stanley are also expected to be involved in the offering, the people said. All parties declined to comment or did not respond to requests for comment.
Inspire and its owner Roark Capital have been weighing a public listing since at least 2024, with early discussions held with advisers around that time, according to previously reported information.
Roark formed Inspire in 2018 as a platform for restaurant franchising and operations, building a portfolio that now includes brands such as Baskin-Robbins, Sonic Drive-In and Buffalo Wild Wings. The group expanded significantly in 2020 with its $11bn acquisition of Dunkin’ Brands.
The potential IPO comes amid a broader pickup in US equity issuance, particularly from private equity-backed companies, as markets prepare for a stronger pipeline of listings. Recent activity in consumer-facing businesses has continued despite concerns about pressure on household spending.
Inspire reported approximately $33.4bn in global systemwide sales in 2025, according to company disclosures.
