CEO of Insomnia Cookies, Seth Berkowitz, spoke to The Inquirer on Monday about what the deal means for the company.
“It’s a pretty remarkable journey here. We’ve been working with Krispy Kreme nearly six years. The business has grown beautifully, globally,” Insomnia Cookies founder Seth Berkowitz said in an interview with The Inquirer on Monday.Krispy Kreme, which is headquartered in North Carolina, will become a minority shareholder in Insomnia Cookies with an approximate 34% stake.
“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,” Mike Tattersfield, Krispy Kreme CEO at the time, said in a statement in October. “Both efforts have been successful, and it’s time for the next strategic step for both companies.”
The majority acquisition of Insomnia Cookies by Krispy Kreme in 2018 came right before several years of change, said Berkowitz, who described the two brands as having a “wonderful relationship in a very tumultuous time.” ”It took us about a year to get our footing, and then COVID hit, and then Krispy Kreme went public about a year later. There was quite a bit going on over the course of the five- to six-year relationship that was consistently changing.”
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