The Duck Donuts restaurant chain has been purchased by an affiliate of private-equity group NewSpring. Terms of the deal were not disclosed. The company's franchises, including three in the Triad, will remain locally owned.
NewSpring Franchise is focused on “investing in innovative franchise and multi-unit concepts.”
Duck Donuts debuted in 2007 in the Outer Banks town of Duck by founder Russ DrGilio.
Since opening its first franchise shop in 2013, Duck now has 101 shops in 21 states. It is based in Mechanicsburg, Pa. That includes a location at 3481 Burke Mill Road in Winston-Salem.
Duck said selling to NewSpring will “provide access to capital and additional resources to strengthen the company’s existing infrastructure and locations.”
DiGilio will keep an ownership stake but has stepped down as chief executive with chief operating officer Betsy Hamm taking his place.
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