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Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

  • Dunkin' was private equity-owned before going public in 2011. Two of its former private equity partners, Mark Nunnelly of Bain Capital and Tony DiNovi of THL Partners, remain on its board as independent directors.

What they're saying: “Dunkin’ and Baskin-Robbins are category leaders with more than 70 years of rich heritage, and together they are two of the most iconic restaurant brands in the world,” co-founder and CEO of Inspire Brands, Paul Brown, said in a statement, per CNBC.

  • “By joining Inspire, these brands will add complementary guest experiences and occasions to our current portfolio.

The bottom line: "As stay-at-home orders have shifted working patterns, customers have been coming to its stores later in the day than they used to and spending more on newer and more expensive items like espresso and other specialty beverages. Dunkin’ already brings in more than half its revenue through drinks, and it dropped 'Donut' from its name last year as it seeks to shift its emphasis to coffee and take on Starbucks more directly," writes the New York Times.

Go deeper

House votes to ban imports from Xinjiang over forced labor concerns

House Speaker Nancy Pelosi. Photo: Anna Moneymaker/Getty Images

The House voted 428-1 on Wednesday to pass a bill that would ban all imports from the Chinese region of Xinjiang unless the U.S. government determines that the products were not made with forced labor.

Why it matters: Both the Trump and Biden administrations, as well as several foreign parliaments, have recognized China's repression of Uyghurs and other Muslim minorities in Xinjiang as genocide.

Mark Meadows sues Pelosi, Jan. 6 committee

Then-White House chief of staff Mark Meadows speaks with reporters after a meeting with Senate Majority Leader Mitch McConnell on Nov. 18, 2020. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Former White House chief of staff Mark Meadows sued House Speaker Nancy Pelosi and all nine members of the Jan. 6 select committee on Wednesday.

Why it matters: The move comes less than a day after the committee moved to hold Meadows in contempt for refusing to cooperate with its investigation of the Capitol riots.

The four key moments from Instagram's Hill hearing

Adam Mosseri. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

Instagram head Adam Mosseri testified before Senate lawmakers Wednesday and was pressed on the app's impacts on young children and teens.

Why it matters: Legislation to protect kids online is one area Congress has shown it's willing to regulate, as Axios previously reported. Wednesday's back-and-forth gave momentum to lawmakers eager to make more rules for social media platforms and how children and teens can use them.