Levine Leichtman Capital Partners acquires Shipley Do-Nuts
US-based doughnut and kolache brand Shipley Do-Nuts has been acquired by private equity firm Levine Leichtman Capital Partners (LLCP) from Peak Rock Capital.
The financial details of the deal have not been disclosed; however, the deal could value the brand at $400m, reported Bloomberg, citing sources.
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Shipley Do-nuts’ executive team, headed by CEO Flynn Dekker, will continue to operate the company its Houston headquarters.
LLCP managing partner Matthew Frankel said: “We are excited to partner with Flynn and the outstanding Shipley management team, who have been executing on a successful growth strategy.
“Together, we see a tremendous opportunity to build on this foundation by expanding unit count even further to capture the substantial whitespace and driving strong same-store sales growth.”
In January 2021, Peak Rock Capital acquired the majority stake in Shipley from the original owning family.
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By GlobalDataShipley operates more than 375 locations across 14 US states, has been in business for nearly 90 years, providing more than 60 types of donuts, kolaches. and coffee.
The acquisition of Shipley represents the fourth platform investment of LLCP’s Fund VII. LLCP’s portfolio includes investments in brands including Tropical Smoothie Cafe, Nothing Bundt Cakes, and Hand & Stone.
Shipley now becomes the 18th franchising investment for LLCP, bringing the total to 32 brands across various industries.
Dekker said: “Shipley is growing faster than ever in its history, and partnering with LLCP presents an outstanding opportunity for Shipley to accelerate our growth and bring the world’s greatest donut to an even wider audience.
“Their extensive expertise in franchise food brands will be pivotal in driving future growth and supporting our franchisees, while preserving our commitment to fresh-made quality and our original recipes that have made our brand the icon it is today.”
Legal advice for LLCP was provided by Kirkland & Ellis and DLA Piper, while Shipley received guidance from North Point and J.P. Morgan.
In March 2025, Shipley signed a 30-unit development agreement to extend its national footprint.
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