M&A Deal Summary

The Carlyle Group, Thomas H. Lee Partners and Bain Capital Private Equity Acquire Dunkin Brands Group

On February 28, 2006, private equity firms The Carlyle Group, Thomas H. Lee Partners and Bain Capital Private Equity acquired restaurant Dunkin Brands Group from Pernod Ricard for 2.4B USD

Acquisition Highlights
  • This is The Carlyle Group’s 2nd, Thomas H. Lee Partners’ 1st and Bain Capital Private Equity’s 2nd transaction in the Restaurants sector.
  • This is The Carlyle Group’s 32nd, Thomas H. Lee Partners’ 14th and Bain Capital Private Equity’s 23rd largest (disclosed) transaction.
  • This is The Carlyle Group’s 126th, Thomas H. Lee Partners’ 16th and Bain Capital Private Equity’s 31st transaction in the United States.
  • This is The Carlyle Group’s 9th, Thomas H. Lee Partners’ 2nd and Bain Capital Private Equity’s 5th transaction in Massachusetts.
Investment Fate
  • Dunkin Brands Group went public in 2011.
  • Dunkin Brands Group was sold to a strategic buyer in 2020 for 11.3B USD.

M&A Deal Summary
Date 2006-02-28
Target Dunkin Brands Group
Sector Restaurants
Buyer(s) The Carlyle Group
Thomas H. Lee Partners
Bain Capital Private Equity
Sellers(s) Pernod Ricard
Deal Type Divestiture
Deal Value 2.4B USD

Target

Dunkin Brands Group

Canton, Massachusetts, United States
website
Dunkin franchise location in Duluth, Minnesota.
Dunkin franchise location in Duluth, Minnesota.
Dunkin' Brands Group, Inc. is a franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. Dunkin' Brands Group was founded in 1961 and is based in Canton, Massachusetts

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Buyer(S) 3

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 214 of 695
Sector (Restaurants) 2 of 10
Type (Divestiture) 22 of 71
State (Massachusetts) 9 of 13
Country (United States) 126 of 336
Year (2006) 5 of 52
Size (of disclosed) 32 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-20 MultiPlan

New York, New York, United States

MultiPlan is a provider of technology-enabled healthcare cost management solutions. The company provides a single gateway to a host of analytics- and network-based solutions for managing the financial risks associated with medical claims, as well as solutions that improve payment integrity by resolving waste, abuse and fraud before payments are made. MultiPlan was founded in 1980 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Zekelman Industries

Chicago, Illinois, United States

Zekelman Industries, Inc. is a manufacturer of welded steel pipe and related products primarily for plumbing and electrical applications.

Buy -
Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 24 of 82
Sector (Restaurants) 1 of 2
Type (Divestiture) 3 of 7
State (Massachusetts) 2 of 7
Country (United States) 16 of 70
Year (2006) 2 of 6
Size (of disclosed) 14 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Hawkeye Energy Holdings

Ames, Iowa, United States

Hawkeye Energy Holdings, LLC ('Hawkeye' or the 'Company') is the fourth largest ethanol producer in the United States based on production capacity of 450 MMGPY. Its access to low-cost corn supplies, approach to marketing its ethanol, operating scale, transportation infrastructure and operational expertise allow the Company to be one of the lowest-cost producers of ethanol in the United States. Hawkeye Gold, a marketing & services organization, has developed a best-in-class management team that is currently marketing ethanol and distillers grains for Hawkeye and several third party plants.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-05 Cumulus Media Partners

Atlanta, Georgia, United States

Cumulus Media Partners, LLC owns and operates radio broadcasting stations. The company, through its AM and FM radio stations, serves listeners, communities, advertisers, and agencies in Dallas, Houston, San Francisco, Atlanta, Cincinnati, Indianapolis, York, Albemarle, and Anniston. The company was formerly known as Susquehanna Radio Corp. and it changed its name to Cumulus Media Partners, LLC in May, 2006.

Buy $1.3B
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 42 of 227
Sector (Restaurants) 2 of 6
Type (Divestiture) 13 of 38
State (Massachusetts) 5 of 12
Country (United States) 31 of 120
Year (2006) 2 of 14
Size (of disclosed) 23 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 SinoMedia Holding

Beijing, China

SinoMedia Holding is a media company in China. SinoMedia Holding was founded in 1999 and is based in Beijing, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-06 MEI Conlux Holdings

Malvern, Pennsylvania, United States

MEI is a provider of coin recognition technology for vending machines.

Buy -

Seller(S) 1

SELLER

Pernod Ricard

Paris, France

website

Category Company
Founded 1805
Sector Beverages
Employees18,776
Revenue 10.7B EUR (2022)
DESCRIPTION

Pernod Ricard has established itself as number one in the Premium segment. It operates through 80 affiliates and has chosen to focus on sustainable growth through a large portfolio of international brands and a high-end strategy, known as Premiumisation. Pernod Ricard was founded in 1805 and is based in Paris, France.

DEAL STATS #
Overall 2 of 5
Sector (Restaurants) 1 of 1
Type (Divestiture) 2 of 5
State (Massachusetts) 1 of 1
Country (United States) 1 of 2
Year (2006) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-21 Allied Domecq

Bristol, United Kingdom

Allied Domecq Ltd operates spirits, wine, and quick service restaurant businesses.

Buy £7.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-08 Wild Turkey

Lawrenceburg, Kentucky, United States

Wild Turkey is a producer of straight bourbon whiskey. The Company consists of Wild Turkey brands, American Honey liqueur, distillery facilities in Kentucky, USA, and aged liquid and finished product inventory.

Sell $575M
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