Krispy Kreme sells majority ownership stake of Insomnia Cookies (11.19)
- Krispy Kreme announced the sale of a majority ownership stake of Insomnia Cookies to Verlinvest and Mistral Equity Partners. The transaction represents a $350 million total enterprise value, which has doubled since Krispy Kreme's 2018 acquisition.
- The transaction closed on July 17, 2024. Krispy Kreme received $127.4 million for the sale and expects to receive an additional $45 million in the coming weeks following an Insomnia Cookies refinancing of intercompany debt. Krispy Kreme intends to use the proceeds to further strengthen its fresh doughnut business and expand availability, as well as pay down debt. It will remain as an approximately 34% minority shareholder in Insomnia Cookies.