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Founder Russ DiGilio to retain a stake and serve on board of directors Duck Donuts, a 102-unit doughnut chain based in Mechanicsburg, Pa., has been acquired by an affiliate of NewSpring Capital, a private equity firm based in Radner, Pa., and has promoted Betsy Hamm to CEO from chief operating officer, the chain said Tuesday. Russ DiGilio, who founded Duck Donuts in 2007 in the town of Duck, N.C., on the state’s Outer Banks, and started franchising in 2013, remains a “significant owner” of the concept and will be a member of the chain’s newly formed board of directors, according...

Duck Donuts, founded in the Outer Banks of North Carolina, has been sold to private equity investors interested in further accelerating the growth of the popular made-to-order doughnut business.

April 14, 2021 Mechanicsburg, Pennsylvania-based Duck Donuts has a new CEO and parent company. NewSpring Franchise, which is focused on investing in franchise and multi-unit concepts, acquired the 101-unit doughnut shop this week with backing from Free Fenix, a Charlotte-based hybrid investment company. "Duck Donuts could not be more excited to partner with the NewSpring team, who offer a wealth of knowledge and experience that will elevate our brand to the next level," Russ DiGilio, founder and original CEO of Duck Donuts, said in a company press release. He launched the brand in 2007 in the...