(Bloomberg) -- 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 US$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 per cent stake.
Krispy Kreme will likely update its 2024 guidance in its next earnings call, it said. The company said last October it had been looking to sell its majority stake in Insomnia Cookies.
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