Krispy Kreme Sells Majority Stake in Insomnia Cookies

Famed doughnut maker Krispy Kreme Inc. has sold its majority stake in late-night cookie seller Insomnia Cookies to private equity firms Verlinvest and Mistral Equity Partners.

The deal has an enterprise value of $350 million, which Krispy Kreme said doubled since it acquired Insomnia Cookies in 2018. The doughnut maker received about $127 million from the sale and expects an additional $45 million after refinancing intercompany debt, according to the statement. Krispy Kreme will remain a minority shareholder in Insomnia Cookies with a roughly 34% stake.

Krispy Kreme will likely update its 2024 guidance in its next earnings ...