CHARLOTTE — A doughnut shop that’s built a big following since getting its start on North Carolina’s Outer Banks is poised for growth after being acquired by private equity investors. NewSpring Franchise announced yesterday it has acquired Duck Donuts — with an assist from a local company with ties to the Charlotte Hornets.
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Financial terms of the deal were not disclosed, but NewSpring says in a press release that it was supported by a “significant investment” from Free Fenix, a Charlotte firm that bills itself as a “hybrid venture company.” Free Fenix was started by former NBA player Derrick Brown, who was drafted by the Hornets in 2009, and André Walters, once vice president of legal affairs for the team, according to the firm’s website.
Cox Media Group
