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Krispy Kreme has sold a majority ownership stake in Insomnia Cookies to Verlinvest and Mistral Equity Partners.
The deal values Insomnia Cookies at $350 million, doubling its value since Krispy Kreme's acquisition in 2018.
Krispy Kreme received $127.4 million from the sale and expects an additional $45 million in the coming weeks. The funds will be used to bolster its doughnut business and reduce debt. Krispy Kreme will retain a 34% minority stake in Insomnia Cookies.
Krispy Kreme's president and CEO, Josh Charlesworth, stated that the sale allows the company to focus on its core strategy of producing, selling and distributing fresh doughnuts daily while also improving its financial health.
He added: "Following a thorough review, we are confident that Verlinvest and Mistral are the right partners to share in the success of Insomnia Cookies given their food industry experience and long-standing track record of value creation”.
Insomnia Cookies' founder Seth Berkowitz, who will continue as CEO, commented: “Building off of a very successful five-year partnership with Krispy Kreme, we’re thrilled to welcome Verlinvest and Mistral to this new chapter of our journey".
Verlinvest's MD, Clément Pointillart, stated: “We are enthusiastic about our investment in Insomnia Cookies, an incredible brand so close to our core DNA and at a pivotal point in its growth trajectory. We’re eager to support Seth and help unlock the full potential of the business both in the US and internationally.”
Top image: © Insomnia Cookies
#KrispyKreme #InsomniaCookies #US
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