Global entrepreneur Teja Chekuri, known for his successful microbrewery Ironhill India, has acquired nine Dunkin’ franchisees through his company, Golden Horn Group.
Chekuri and his business partner Mitesh Patel, owners of Golden Horn Group, acquired nine former Dunkin Donuts franchises in Massachusetts for $18 million. The purchased franchises in Sharon, Hanover, Weymouth, Braintree, and Quincy will be managed by OM Network LLC, a subsidiary of Golden Horn Group.
Teja Chekuri, President, Golden Horn, said, “This is a historic move for our company because getting a Dunkin’ franchisee is really tough. They have set an impressive benchmark of growth in the industry which when achieved enhances progress.”
Golden Horn Group underwent a two-year process, including approvals and background checks, to acquire the franchisee. The remaining ownership transfer is anticipated to be finalized within the next six to eight months.
“We wanted to get into QSR, because it is easier to manage compared to a full-scale restaurant,” Chekuri said, adding that the company was particularly eyeing the coffee space over food. “Profit margins, at least for us (where Dunkin sells mostly coffee), are better. Cost is (relatively) less for coffee.”
The company is in the process of bolstering its backend systems to support its plans for expansion. It has retained the staff, but aims to work on the technology system to boost growth. “We start with 9 Dunkin stores in and around Boston, Massachusetts today and intend to reach 150 outlets in five years across several cities in the US,” Chekuri added.
Founded by Bill Rosenberg in 1950, the Massachusetts-based company operates over 13,000 franchises worldwide, offering a range of products including donuts, bagels, coffee, and donut holes.
“While getting into the system is tough, once you become a part of it, Dunkin supports you in financial growth,” said Chekuri.
Currently, the company has no intentions of venturing into other Quick Service Restaurant (QSR) chains.
In addition to owning Golden Horn Group, Chekuri is also the proprietor of several other restaurants. In the US, he owns the Godavari Group of Restaurants, which has introduced brands such as Madras Dosa Co, 1947 – Truly Indian, and Vaanga. In India, Chekuri launched the craft beer brand Prost in 2012 and established the microbrewery Ironhill India in 2017, operating in multiple cities across the country.