CANTON, Mass. — Dunkin' Donuts recently announced the signing of a multiunit, store-development agreement with InterOcean Coffee Co. LLC for the development of 122 restaurants: 50 in Milwaukee and 72 in Phoenix. InterOcean Coffee Co. plans to open seven restaurants in Milwaukee and 18 in Phoenix by the end of 2009. The balance of the restaurants will open over the next several years.
InterOcean Coffee Co. LLC was formed by InterOcean Equity Partners LLC and Melrose Asset Management LLC to develop Dunkin' Donuts restaurants in emerging areas across the United States. In addition to the 122 Dunkin' Donuts, the company's affiliates own and operate 10 Palm Beach Tans and 22 Blockbuster Video stores in Connecticut and New York. InterOcean Equity Partners LLC is a wholly owned subsidiary of Chicago-based financial services company InterOcean Financial Group LLC.
Dunkin' Donuts' development of the Milwaukee and Phoenix markets is part of an aggressive national growth strategy, which includes expanding in existing markets while entering new cities across the country, according to a news release. The company is actively seeking new franchisees to own and operate a minimum of five restaurants to help direct the company's future growth. In addition to the 50-unit agreement in Milwaukee, franchise sales opportunities exist in Madison, Wis.
