Roark Capital is considering a potential initial public offering of restaurant group Inspire Brands – owner of Dunkin’, Arby’s, and Jimmy John’s, that could raise around $2bn, according to a report by Bloomberg citing unnamed people familiar with the matter.
The Atlanta-based restaurant group is reportedly in early discussions with potential advisers about a listing that could take place as soon as this year. Deliberations remain preliminary and the size and timing of any offering could change.
Roark established Inspire Brands in 2018 as a platform to own, operate and franchise a portfolio of restaurant chains. The group’s brands also include Baskin-Robbins, Sonic Drive-In and Buffalo Wild Wings. In 2020, Inspire acquired Dunkin’ Brands in an $11bn take-private transaction.
The firm has been exploring the possibility of a public listing since at least 2024, when it previously held discussions with advisers, according to earlier reports.
A potential IPO would come as private equity sponsors increasingly look to public markets for exits amid expectations of a stronger pipeline of listings in 2026. Several sponsor-backed companies are preparing offerings, including sandwich chain Jersey Mike’s Subs, backed by Blackstone, which is reportedly targeting a valuation of at least $12bn.
Inspire generated more than $32bn in global sales in 2024 and operated over 33,000 restaurants across more than 2,800 franchisees in more than 60 markets worldwide, according to the company’s website.
