Inspire Brands, owner of Dunkin', Buffalo Wild Wings and others, has filed for an IPO, seeking a valuation of around $20 billion.
The company, backed by private equity firm Roark Capital, was founded in 2018 through the merger of Arby's and Buffalo Wild Wings.
Since then, Inspire has acquired Sonic Drive-In, Jimmy John's, Dunkin' and Baskin Robbins, resulting in a portfolio of over 33,300 restaurants worldwide with $33.4 billion in annual sales.
The move comes as the market for IPOs remains tepid, but several blockbuster offerings are expected later this year, including SpaceX's potential $1 trillion valuation.