Alongside the acquisition, Russ DiGilio will step down as CEO to be succeeded by Betsy Hamm, previous COO of the donut brand.
Private equity strategy organization NewSpring has announced that NewSpring Franchise has completed the acquisition of Duck Donuts; a U.S.-based donut franchisor specializing in its made-to-order menu.
Duck Donuts was initially founded in 2007 by Russ DiGilio in the town of Duck, North Carolina, and began franchising in 2013. Today, the quick-serve operations has 101 U.S. locations and one international site – opening its 100th location in February, 2021.
“Duck Donuts could not be more excited to partner with the NewSpring team, who offer a wealth of knowledge and experience that will elevate our brand to the next level,” said DiGilio. “The past 14 years have been an amazing journey and we wouldn’t be where we are today without the dedication, passion, and trust of our franchisees and corporate team members. I look forward to watching the brand continue to evolve and build on the success we have already achieved in such a short period.”
Alongside this new deal, DiGilio will step down as CEO and has named Betsy Hamm, Duck Donuts’ previous chief operating officer, as his successor. DiGilio will continue in his founder role, and will serve as an integral member of the newly formed board.
NewSpring’s involvement is intended to accelerate growth to the emerging brand, by increasing brad awareness, as well as strengthening corporate and franchise culture. The enterprise will provide access to capital and additional resources to strengthen Duck Donuts’ existing infrastructure and locations.
“At NewSpring Franchise, we seek out multi-unit brands with a loyal customer base and a fast-growing geographic footprint. Duck Donuts perfectly fits that model,” said Patrick Sugrue, NewSpring general partner.
“Duck is differentiated by its customer experience and CEO Betsy Hamm has done a tremendous job expanding the company’s presence in communities across the country to position the company for future growth into new markets. We are thrilled to partner with Betsy and her team to take Duck Donuts to the next level.”