Radnor Investment Firm Decides It’s Time to Fill Up on Donuts

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A box of Duck Donuts
Image via Duck Donuts.

Doughtnuts were a tasty temptation for NewSpring, a Radnor private equity firm, writes Jeff Blumenthal for Philadelphia Business Journal.

NewSpring has bought into Duck Donuts in a big way. It’s now the majority stakeholder.

Duck Donuts is a fast-growing Central Pennsylvania-based donut franchise.

NewSpring partnered with Free Fenix, a hybrid investment company out of North Carolina.

The new CEO is Betsy Hamm, coming over after 15 years with Hershey Entertainment & Sports.

“We are always looking ahead and for ways to grow,” Hamm said. “We felt we needed to find additional capital and strategic experience.”

Duck Donuts has been looking for a strategic investor for about 18 months.

NewSpring won out, thanks in part to its general partner, Patrick Sugrue, who came to NewSpring last year after serving as CEO at Saladworks, Sofina Foods, and Honey Baked Ham.

Neither Sugrue nor Hamm revealed the company’s 2020 revenue. It brought in $32 million from 44 stores in 2017. It has more than 100 stores now.

Duck Donuts are made to order from scratch in front of the customer, making the donut “customizable.”

It has 11 Philadelphia region locations, none in Delaware County.

Read more at Philadelphia Business Journal about NewSpring acquiring a majority stake in Duck Donuts.

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