Krispy Kreme sells majority ownership in Insomnia Cookies

CHARLOTTE, N.C. (WGHP) — A popular North Carolina-based doughnut chain is making big moves in their investments.

According to a news release from Charlotte-based Krispy Kreme, the company has sold a majority ownership stake in Insomnia Cookies, a cookie shop that advertises late-night cookie deliveries, to Verlinvest and Mistral Equity Partners. The company calls this a “$350 million total enterprise value,” doubling since Krispy Kreme stake in acquired the cookie chain in 2018.

“As we build a bigger and better Krispy Kreme, this transaction allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily while also further strengthening our balance sheet,” said Krispy Kreme President Josh Charlesworth.

This transaction closed on July 17, giving Krispy Kreme $127.4 million. The company expects to get $45 million more after Insomnia Cookies refinances some debts. Krispy Kreme says it will expand availability of its doughnut business.

Krispy Kreme still owns around 34% of the shares in Insomnia Cookies.

Locally, Insomnia Cookies has locations, in uptown, South End, Plaza Midwood and University City. The Krispy Kreme headquarters is in the same building as the South End Insomnia.

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