JCM Franchise Development (JCM), a wholly owned subsidiary of Joyal Capital Management and a leading M&A, Financing and Advisory firm, announced the sale of a 14-store Dunkin’ network, located in MetroWest Boston. The deal, with an aggregate transaction value of $44 million, was sourced, negotiated, financed and closed by JCM and marks the first time in decades that a franchise group new to the Dunkin’ system purchased a network of this size in the historic Massachusetts market.

The buyer is Northern Management Group, a multi-unit franchise company with ownership in top brands across the hotel, convenience store and restaurant space, including more than 100 properties in the Northeast.

“For some time, our company wanted to acquire new assets located in New England, specifically in the Dunkin’ brand, but finding opportunities was difficult. We went to JCM because we know they have the relationships and the ability to get complicated deals done,” says Jigar Patel, one of Northern Management Group’s partners.

Partner Nilesh Patel adds, “JCM addressed all our questions and provided us with all the data we needed to make an informed decision and execute this deal in the middle of a pandemic. We recognize the unparalleled relationships Gary has with the franchisee community at-large and we look forward to closing more deals with him in the future.”


“We are thrilled we were able to create an opportunity where Northern Management Group could acquire a Dunkin’ network in Greater Boston,” says Gary F. Joyal, CEO and Managing Partner of Joyal Capital Management. “Their experience in retail and consumer-facing businesses will bring tremendous value to the Dunkin’ system.”

JCM is the global leader in the Dunkin’ Mergers & Acquisitions. In 2020, even with the coronavirus pandemic creating uncertainty within the restaurant and retail space, JCM had an abundance of activity and was able to deliver a platform for new buyers. JCM brought two different groups of new franchisees into the Dunkin’ system with the acquisition of 61 franchised restaurants. In addition to the Northern Management Group 14-store deal in Massachusetts, JCM sourced, negotiated, financed and closed a 47-store Dunkin’ network in Southeast Florida, which also represented one of the largest deals by a franchisee new to the Dunkin’ system in that state.

“I am proud of the JCM team of professionals for navigating these complicated opportunities that were made exponentially more complex because of the pandemic and unstable financial markets,” Joyal says. “Interestingly, I am seeing a significant change among new buyers that are showing interest in the Dunkin’ brand. What was traditionally an existing Dunkin’ franchisee buyer-pool, is now shifting to other brand owner/operators who want to expand their portfolio within Dunkin’. This expansion, in my opinion, will create new value and opportunities, and will add to the prestige of owning a Dunkin’ franchise.”

Franchising, News, Dunkin' Donuts