CANTON Mass. Dunkin’ Brands Inc. said it sold its Togo’s Eateries sandwich-and-salad franchise brand to the San Francisco private-equity firm Mainsail Partners on Friday. Terms were not disclosed.
In announcing the already completed transaction, Dunkin’ noted that the deal was pursued by Mainsail in partnership with Tony Gioia, a past president of Dunkin’s Baskin-Robbins ice cream brand. Dunkin’ is also the franchisor of Dunkin’ Donuts. It was unclear how much of a stake Gioia might hold in Togo’s.
Gioia is serving as chairman and chief executive of Togo’s Holdings LLC, the entity formed by Mainsail to buy franchise rights to the 261-unit regional chain, which is based in San Jose. The restaurants are concentrated in the West Coast, and virtually all are franchised.
Togo’s is apparently Mainsail’s first restaurant holding. The other companies in its portfolio include Professional Healthcare at Home and Cash Management Solutions.
Dunkin’ Brands had disclosed plans to sell Togo’s after being acquired itself last year by a consortium of private-equity firms that included Bain Capital Partners LLC, The Carlyle Group and Thomas H. Lee Partners LP. Dunkin’ Brands franchises about 13,000 restaurants in 50 countries.