Krispy Kreme sells $75 million stake in Insomnia Cookies to deal with debt load
Doughnut giant Krispy Kreme announced the sale of its remaining stake in Insomnia Cookies for $75 million on Tuesday. The cash proceeds from the transaction will hep pay down debt for the Charlotte-based company.
The deal comes as Krispy Kreme is taking steps to focus on U.S. expansion and capital-light international growth, Krispy Kreme CEO Josh Charlesworth stated in a news release.
Krispy Kreme sold a majority of its ownership stake in Insomnia Cookies last July and received $127.4 million for the sale. It sold the Philadelphia-based cookie company to private equity firms Verlinvest and Mistral Equity Partners.
Krispy Kreme purchased a 74.7% stake in Insomnia Cookies for about $139.5 million in September 2018, The Charlotte Observer reported at the time.
Krispy Kreme’s growing expansion plans have included selling daily-made doughnuts in grocery and convenience stores, and partnering with McDonald’s.
In 2024, Josh Charlesworth took over as CEO from Michael Tattersfield. It was Tattersfield who led Krispy Kreme through a global expansion that resulted in revenue growth from $550 million in 2016 to more than $1.6 billion in 2023. The company posted similar revenue results last year.
Four years ago, Krispy Kreme moved its corporate offices and test kitchen to Charlotte’s South End at 2116 Hawkins St.
Krispy Kreme operates in more than 40 countries and has 21,000 employees. The publicly-traded chain began in Winston-Salem and is best known for its “Hot Now” glazed doughnuts.
This story was originally published June 11, 2025 at 12:47 PM.
