Dunkin' Donuts announced the signing of a multiunit store development agreement with franchisee The Beekman Group for its portfolio company, TBG Food Acquisition Corp. ("TBGFAC") to build 14 new restaurants in South Carolina. TBGFAC will develop six restaurants in Greenville and eight in Columbia. Restaurants in both markets will begin to open in 2011 with the 14-store development expected to be completed by 2016.
The Beekman Group is a private equity firm focused on partnering with small and middle-market companies to achieve strong growth potential. The Beekman Group partnered with Peter Marrinan, a 14-year Dunkin’ executive, to develop TBGFAC through new store development and strategic acquisitions. TBGFAC began with 16 stores in December 2005 and owns and operates 44 locations, including 14 restaurants in Greenville in addition to its 30 locations in and around Westchester County, New York.
"We are pleased to continue the growth of Dunkin’ Donuts in our TBGFAC portfolio company," says John G. Troiano, The Beekman Group's managing partner. "Since our initial acquisition in December 2005, we have worked with Dunkin' Brands and TBGFAC management to almost triple the company's locations through new store openings and acquisitions. We look forward to continuing this development in South Carolina and New York."
During the first half of 2010, Dunkin' Donuts opened 338 net new locations worldwide with 75 of those new restaurants opening in the U.S. The company also signed 72 new domestic development commitments, continuing to hold its spot as one of the fastest growing brands in the quick-serve industry.
"Dunkin' Donuts welcomes The Beekman Group to the South Carolina market," says Grant Benson, CFE, vice president of franchising and market planning for Dunkin' Brands, Inc. "As existing Dunkin' franchisees, they possess a wealth of knowledge on the brand, and we are thrilled they are expanding their network in Greenville and Columbia. These restaurants will satisfy a growing demand throughout the state for high quality coffee and baked goods that are available all day."
"We are excited to expand Dunkin' Donuts' presence throughout South Carolina and continue to play an important role in the daily lives of people who live, work, and visit here," says Peter Marrinan, CEO of TBGFAC. "We have a strong passion and loyalty for the brand and look forward to the opening of our restaurants in the years to come."