Inspire Brands Wants to Go Public

The multi-brand operator said it has confidentially submitted a draft registration statement on Form S-1 with the SEC for a proposed IPO of its common stock. Details around the number of shares and expected price range have not yet been disclosed.

Inspire Brands said it plans to use net proceeds from the offering to repay outstanding debt tied to its existing term loan facility, along with covering offering-related fees and expenses. The IPO timing remains uncertain and will depend on the completion of the SEC review process, as well as market conditions.

Inspire Brands operates Dunkin’, Buffalo Wild Wings/Buffalo Wild Wings Go, Arby’s, Jimmy John’s, Sonic, and Baskin-Robbins. Across these concepts, the restaurant group oversees more than 33,000 restaurants in 57 markets, partners with over 2,700 franchisees, and employs 650,000 workers.

Four of the concepts—Dunkin’, Arby’s, Jimmy John’s, and Sonic—were among the top 30 largest chains in the U.S. in terms of systemwide sales in the 2025 QSR 50.

Inspire was formed in 2018 after Arby’s Restaurant Group acquired Buffalo Wild Wings for $2.9 billion. Later that year, Sonic was bought for approximately $2.3 billion; Jimmy John’s came into the fold in 2019. In 2020, Inspire finalized the acquisition of Dunkin’ Brands for about $11.3 billion, marking one of the largest restaurant deals ever.

The company previously owned Rusty Taco, but Gala Capital Partners bought the Mexican fast casual in 2022.

Dunkin’ is currently the fastest-growing concept in the portfolio. The next-closest is Jimmy John’s, followed by Buffalo Wild Wings GO, which opened a net of 79 locations last year.

Before joining Inspire, Sonic was public for about 27 years, Buffalo Wild Wings for about 15 years, and Dunkin’ for about nine and a half years.

Inspire is controlled by private equity firm Roark Capital, also the owner of Subway, CKE Restaurants (Carl’s Jr. and Hardee’s), and GoTo Foods (Jamba, McAlister’s, Schlotzsky’s, Carvel, Cinnabon, Moe’s, and Auntie Anne’s). It also has a stake in The Cheesecake Factory.

Bloomberg reported in February 2024 that Inspire was considering going public. At the time, the IPO was scheduled for late 2024 or 2025. A source told the publication that Inspire would command a value of about $20 billion.

Inspire is the second-largest multi-concept restaurant group in the U.S., trailing only Yum! Brands, which oversees over 63,000 locations.