Krispy Kreme buys majority stake in Insomnia Cookies
Krispy Kreme Doughnut is to acquire a majority stake in American cookie delivery company, Insomnia Cookies, for an undisclosed sum
Under the deal, Insomnia Cookies is now part of JAB Holdings, the parent company of Krispy Kreme, Panera and Au Bon Pain.
Insomnia Cookies was founded in 2003 by University of Pennsylvania student Seth Berkowitz. Today it has over 135 locations, many of which are strategically placed near college campuses.
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Speaking of the investment, Mike Tattersfield, CEO of Krispy Kreme Doughnuts, said: “At Krispy Kreme, we have an 81-year heritage of creating the most awesome doughnut experience imaginable, and today we are delighted to add Insomnia Cookies, a rapidly growing business with an innovative delivery experience and exceptional product that is beloved by consumers.
“While our companies will continue to operate independently, these two great brands can learn a great deal from each other as we each continue to expand and grow.”
Seth Berkowitz, the founder of Insomnia Cookies, added: “Mike and I share the same ambition for our brands: to be the best at what we do and delight consumers with the highest quality sweet treat experiences.
“My team and I are confident that this shared vision makes Krispy Kreme the ideal partner to support Insomnia through our next phase of growth. We are thrilled to be joining the Krispy Kreme family.”
Insomnia Cookies will continue to operate as an independent, standalone company and Seth Berkowitz will continue to the lead the company.
The transaction is expected to close in the fourth quarter of 2018.
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