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đź”´ PRIVATE EQUITY OWNED
Cinnabon
fast food · Atlanta, GA
PE Firm
Roark Capital
Acquirer
Focus Brands
Year Acquired
2004
“Roark Capital's been extracting value from cinnamon rolls for two decades.”
The PE Playbook
- •Roark Capital acquired Cinnabon in 2004 through Focus Brands — PE-owned for over 20 years with no IPO or exit in sight
- •Parent company rebranded to 'GoTo Foods' in 2024; increasingly merged into co-branded combo locations — 353 co-branding deals in 2024 alone
- •Lack of any IPO despite 20 years of ownership suggests brands aren't strong enough to go public at desired valuations
- •Quadrupled in size since acquisition, but limited partner returns described as 'average at best'
Since the Acquisition
- ▸Folded into Roark's Inspire Brands mega-conglomerate in 2022 — now one of 11 brands under a single PE-controlled holding company
- â–¸Much of the claimed growth came from licensing deals (grocery store products) rather than new standalone bakeries