Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners Agree to Acquire Dunkin' Brands, Inc. from Pernod Ricard S.A. for $2.425 Billion

Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners Agree to Acquire Dunkin' Brands, Inc. from Pernod Ricard S.A.
for $2.425 Billion

Strong Growth Potential Seen Through U.S. and International Expansion
Current Management to Stay, Grow the Business

December 12, 2005, Boston & New York - Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners today announced that they have reached a definitive agreement to acquire Dunkin' Brands, Inc. from Pernod Ricard S.A. for $2.425 billion in cash. The transaction is subject to standard regulatory approvals and is expected to close in the first quarter of 2006.

Dunkin' Brands is a leading quick service restaurant franchisor that develops and franchises restaurants under the Dunkin' Donuts, Baskin-Robbins and Togo's brands. The existing Dunkin' Brands management team, led by Chief Executive Officer Jon L. Luther, will continue in their current positions, working with their franchisee partners to build the company's premier brands. The sponsors will invest equal amounts of equity in the company and the management team will become equity investors.

Mark Nunnelly and Andrew Balson, Managing Directors at Bain Capital, said, "We are delighted to partner with Jon Luther and his terrific team, as well as the entire Dunkin' Brands franchise community, to help achieve the organization's ambitious growth plans. We can appreciate from our deep experience in the QSR industry that these important brands have been ably managed by the franchisee base and the management team, and we look forward to working closely with them."

Sandra J. Horbach, Carlyle Managing Director and Head of the Consumer & Retail team, said, "Jon Luther and his management team have extensive experience and a track record of success in the quick service restaurant segment. We look forward to building upon the strong foundation these industry veterans have established at Dunkin' Brands."

Anthony J. DiNovi, Co-President of Thomas H. Lee Partners, and Todd Abbrecht, Managing Director of Thomas H. Lee Partners, said, "This is a company with well over 10 years of growth ahead of it, both in the U.S. and in international markets, and this sponsor team has made a long-term commitment to realize that potential."

The sponsors noted that Dunkin' Brands has a powerful recipe for growth:
- An established growth platform that supports further expansion in the U.S. and internationally.
- Three premier quick service restaurant brands, including a leading player in the high-growth coffee segment.
- Longstanding relationships with the company's strong, committed franchisee base.
- An experienced management team with a track record of success.

Dunkin' Brands, Inc.
Headquartered in Canton, Massachusetts, Dunkin' Brands, Inc. is a leading franchisor of quick service restaurants with more than 12,000 Dunkin' Donuts, Baskin-Robbins and Togo's locations worldwide.

Dunkin' Donuts
Founded in 1950, Dunkin' Donuts is the number one retailer of coffee-by-the-cup in America, selling nearly one billion cups a year. Dunkin' Donuts is also the largest coffee and baked goods chain in the world and has more than 6,500 shops in 29 countries worldwide.

Baskin-Robbins
Founded in 1946, Baskin-Robbins is the world's largest chain of ice cream specialty stores. Baskin-Robbins creates and markets its premium ice cream, frozen desserts and beverages in more than 5,600 shops in 34 countries around the globe.

Togo's
Founded in 1971, Togo's is a strong regional brand focused on the California market. Togo's offers high-quality sandwiches, soups and salads at more than 350 stores in the U.S.

Bain Capital Partners
Bain Capital (www.baincapital.com) is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity and leveraged debt assets with more than $27 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 230 companies around the world, including quick service restaurant companies Domino's Pizza and Burger King, and retailers Toys "R" Us, Dollarama and Staples. Headquartered in Boston, Bain Capital has offices in New York, London and Munich.

The Carlyle Group
The Carlyle Group is a global private equity firm with $35 billion under management. Carlyle invests in buyouts, venture capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested $14.9 billion of equity in 439 transactions for a total purchase price of $51.9 billion. The Carlyle Group employs more than 630 people in 15 countries. In the aggregate, Carlyle portfolio companies have more than $30 billion in revenue and employ more than 131,000 people around the world. Visit www.carlyle.com for additional information.

Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. is a Boston-based private equity firm focused on identifying and acquiring substantial ownership positions in growth companies. Founded in 1974, Thomas H. Lee Partners currently manages approximately $12 billion of committed capital, including its most recent fund, the $6.1 billion Thomas H. Lee Equity Fund V. Notable transactions sponsored by the firm include: Fisher Scientific International, General Nutrition Centers, Houghton Mifflin, Michael Foods, Nortek, ProSiebenSat.1, Rayovac, Simmons Company, Snapple Beverage, TransWestern Publishing, Warner Chilcott, and Warner Music Group.

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