Golden Horn Group has acquired nine Dunkin’ outlets in Massachusetts for $18m amid plans to ‘lead the brand in a new direction of growth’ and open 150 stores nationwide within five years
A Dunkin's store at Logan International Airport, Massachusetts | Photo credit: Dunkin'
Golden Horn Group, led by Indian entrepreneur Teja Chekuri, is seeking to open 150 Dunkin’ stores across the US within five years after acquiring nine outlets for $18m.
Chekuri, who also owns the Godavari Group of Restaurants across the US and Canada, said the ‘transition of ownership’ of the nine Dunkin’ outlets in Massachusetts is likely to be completed by the end of 2023 and that the stores will be operated by OM Network LLC, a division of Golden Horn Group.
The restaurant group is ‘in the process of strengthening backend systems’ to enable rapid expansion across several US cities, he added.
“This is a historic move for our company because getting a Dunkin’ franchisee is really tough. They have set an impressive benchmark of growth in the industry which when achieved enhances progress. As an official Dunkin’ franchisee, we now have the opportunity to lead the brand in a new direction of growth. We start with nine Dunkin’ stores in and around Boston, Massachusetts today and intend to reach 150 outlets in five years across several cities in the US,” Chekuri said.
Founded in Massachusetts in 1950, Dunkin’ currently operates 13,200 stores across 38 markets, including more than 9,200 outlets in the US, all of which are franchise owned and operated.
The US coffee and donut chain, acquired by hospitality group Inspire Brands for $11.3bn in December 2020, currently has more than 1,000 franchisees across the US.
The Godavari Group of Restaurants includes the Indian restaurant chains Madras Dosa Co, 1947 Truly Indian and Vaanga.