22.07.2024 13:35:09
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Krispy Kreme Sells Majority Stake Of Insomnia Cookies To Verlinvest, Mistral Equity Partners
(RTTNews) - Krispy Kreme, Inc. (DNUT) announced on Monday that it has sold a majority ownership stake in Insomnia Cookies to Verlinvest and Mistral Equity Partners. The deal was finalized on July 17, 2024.
Krispy Kreme received $127.4 million for the stake and anticipates an additional $45 million in the coming weeks following Insomnia Cookies' intercompany debt refinancing.
The company plans to use the funds to enhance its doughnut business further, expand its market presence, and reduce debt.
Krispy Kreme will continue to hold approximately 34% as a minority shareholder in Insomnia Cookies.
The transaction reflects a total enterprise value of $350 million, which has doubled since Krispy Kreme acquired Insomnia Cookies in 2018.
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