Duck Donuts purchased by investment partnership  

By on April 14, 2021

Iconic brand launched in Duck 14 years ago

(NewSpring)

NewSpring, a family of private equity strategies, announced on April 14 that along with Charlotte-based investment company Free Fenix, it has completed the purchase of Duck Donuts, an iconic donut brand launched in 2007 in the northern Dare County town of Duck by founder and CEO Russ DiGilio.

Today, the company operates one international and 101 U.S. franchise locations, including several other Outer Banks locations, across 21 states.

In a statement in the NewSpring press release announcing the sale, DiGilio says: “Duck Donuts could not be more excited to partner with the NewSpring team, who offer a wealth of knowledge and experience that will elevate our brand to the next level. The past 14 years have been an amazing journey and we wouldn’t be where we are today without the dedication, passion, and trust of our franchisees and corporate team members. I look forward to watching the brand continue to evolve and build on the success we have already achieved in such a short period.”

The release also stated that, “In conjunction with the deal…DiGilio, who remains a significant owner, has stepped down as CEO and named Betsy Hamm, formerly chief operating officer, to the role…DiGilio will continue in his founder role and serve as an integral member of the Duck Donuts Board of Directors, alongside Satya Ponnuru and Patrick Sugrue.”

“The acquisition of Duck Donuts is the second investment out of NewSpring Franchise,” the statement continued, “a newly-launched strategy led by NewSpring General Partners Satya Ponnuru and Patrick Sugrue, created to invest in capital-efficient, consumer-facing, multi-unit businesses with a strong customer value proposition, proven unit-level economics, and exceptional management teams in the lower-middle market. 

And apparently, with great donuts, too.


BIDDER PRE-QUALIFICATION REQUEST:

Barnhill Building Group has been selected as the Construction Manager @ Risk by the College of the Albemarle and is seeking to pre-qualify construction trade contractors to submit bids for the furnishing labor, materials, equipment, and tools for the new College of The Albemarle – Allied Health Sciences Simulation Lab (COA Health Sciences) located in Elizabeth City, NC. Please note: Only subcontractors who have been prequalified by Barnhill will be able to submit a Bid.

The project consists of the new construction of a 38,000-sf, 2-story expansion to the existing Owens Health Sciences Center and will house classrooms, labs, and a simulation lab. The site is just over just over 4.5 acres and is located on an active campus. This new construction will be a steel structure with a brick and metal panel veneer, curtainwall, and storefront glazing with a PVC roof membrane.

Principal trade and specialty contractors are solicited for the following Bid Packages:

BP0100: General Trades

BP0105: Final Cleaning

BP0390: Turnkey Concrete

BP0400: Turnkey Masonry

BP0500: Structural Steel & Misc. Steel

BP0740: Roofing

BP0750: Metal Panels

BP0790: Caulking / Caulking

BP0800: Turnkey Doors/Frames/Hardware

BP0840: Glass & Glazing

BP0925: Drywall

BP0960: Resilient Flooring

BP0980: Acoustical Ceilings

BP0990: Painting & Wallcovering

BP1005: Toilet Specialties / Accessories / Division 10

BP1010: Signage

BP1098: Demountable Partitions

BP1230: Finish Carpentry and Casework

BP1250: Window Treatment

BP1400: Elevators

BP2100: Fire Protection

BP2200: Plumbing

BP2300: HVAC

BP2600: Turnkey Electrical

BP3100: Turnkey Sitework

BP3290: Landscaping

Packages may be added and/or deleted at the discretion of the Construction Manager. Historically underutilized business firms are encouraged to complete participation submittals.

HUB/MWBE OUTREACH MEETING: Barnhill Building Group will be conducting a HUB/MWBE Informational Session. You are encouraged to attend the following session to learn more about project participation opportunities available to you. These seminars will help to: Learn about project and scope; Inform and train Minority/HUB contractors in preparation for bidding this project; Assist in registration on the State of North Carolina Vendor link; Stimulate opportunities for Networking with other firms. Location and time TBD. Please visit our planroom at https://app.buildingconnected.com/public/54da832ce3edb5050017438b for more information.

Interested contractors should submit their completed prequalification submittals, by July 22, 2024, to Meredith Terrell at mterrell@barnhillcontracting.com or hardcopies can be mailed to Barnhill Contracting Company PO Box 31765 Raleigh, NC 27622 (4325 Pleasant Valley Road, NC 27612).


 



Comments

  • Rusty Shackleford

    Will they accept Bitcoin?

    Thursday, Apr 15 @ 10:54 am
  • Donut Guy

    Nice corporate speak. Just another Tim Horton’s now. They’ll ruin it, of course. *sigh*

    Thursday, Apr 15 @ 3:59 pm
  • Dan0

    I hope they keep making the donuts the same way. Over the years I’ve seen local restaurants bought out and the new owners changed everything. Most lost their business quickly. Please don’t pinch pennies and make Duck Donuts another Dunkin’ Donuts.

    Thursday, Apr 15 @ 5:12 pm
  • Grandyguy

    Krispy Kreme is still the best, always has been!

    Friday, Apr 16 @ 4:52 am