Krispy Kreme bought a majority stake in Insomnia Cookies in 2018.
The decision is part of an effort to focus more on its core doughnut business, the company said.in a deal backed by European investment firm JAB Holding. The deal valued Insomnia Cookies at less than $500 million,
"We acquired a majority stake in Insomnia Cookies to build our e-commerce and digital capability as well as assist Insomnia's U.S. and International expansion," said Krispy Kreme CEO Mike Tattersfield in a statement. "Both efforts have been successful and it's time for the next strategic step for both companies."Insomnia Cookies, which is known for serving cookies well into the early morning hours, has tripled its revenue since 2017, Krispy Kreme said Tuesday.
The cookie chain was founded in 2003 by University of Pennsylvania student Seth Berkowitz, who is CEO of Insomnia Cookies. The bakeries are often found near college campuses to feed the cravings of students staying up late into the night. "It has been an honor to partner with Krispy Kreme in an unprecedented chapter of growth for Insomnia Cookies," Berkowitz said in a statement.
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