Northern Management Group Acquires 14 Dunkin’ Stores in Boston for $44 Million | Franchise Mergers and Acquisitions
Northern Management Group bought 14 Dunkin ‘ Stores in MetroWest Boston by JCM Franchise Development. This is the first time in decades a franchise group new to the Dunkin ‘system has bought a network this size in Massachusetts. The total transaction value of the store is $ 44 million.
JCM Franchise Development – a finance, advisory, and merger and acquisition company – is a subsidiary of Joyal Capital Management. The Northern Management Group is a family-run, multi-unit franchise with more than 100 properties in the northeast, consisting primarily of hotels, convenience and retail stores.
“We’ve been working on it for the past eight to ten months in 2020,” said Jigar Patel, partner in Northern Management Group, which closed the deal on December 22, 2020. “It has always been a dream of our company and our family to be part of the Dunkin family, especially to own businesses in our hometown where we live and work. “
This will be the Northern Management Group’s first Dunkin ‘, but it won’t be the last. Nilesh Patel, Jigar’s cousin and partner at Northern Management Group, said plans were to add more Dunkin ‘stores in the New England area and expand their portfolio over the next five years, eventually adding to the New York and New Jersey stores to investigate.
“We’re not only here for 14 stores,” added Jigar. “We are very enthusiastic about the quality of the growth and want to ensure that we can develop new locations in addition to existing acquisitions.”
The Patel family’s experience of hospitality and customer service will help them run the 14 Dunkin ‘stores and they both hope to keep the 250+ staff in the stores. “It’s about people first and foremost, and it’s about providing the best possible service and quality,” said Jigar.
When asked about the impact of buying Inspire Brands Dunkin ‘Brands Group for $ 11.3 billion in restaurant industry’s largest take-private deal Jigar and Nilesh both expressed excitement.
“I think Inspire Brands brings fresh energy and a good mood to the team and the brand itself on the Dunkin ‘side,” said Jigar. “Obviously they paid for it because they believe in it, and we believe with them that we will have a great future together.”
“We’ve seen what Inspire Brands has done in the past with other brands in their portfolio and they have done an excellent job including: B. acquired various franchises and improved the bottom line, ”added Nilesh. “With Dunkin ‘Brands, we expect Inspire to come in and help keep all franchisees happy. We’re very excited and look forward to working with the brand. “
Gary Joyal, CEO and managing partner of Joyal Capital Management, said he is seeing a significant change in new buyers showing interest in the Dunkin brand.
“What was traditionally an existing pool of buyers for Dunkin franchisees is now shifting to other brand owners and operators looking to expand their portfolio within Dunkin ‘,” Joyal said in a statement. “This expansion, in my opinion, will create new value and opportunity and add prestige to a Dunkin ‘franchise.”