Krispy Kreme Doughnut Corporation (“Krispy Kreme”) and Insomnia Cookies, a cookie delivery company in the United States, have announced an agreement through which Krispy Kreme will acquire a majority stake in Insomnia Cookies. Terms of the transaction were not disclosed.
Mike Tattersfield, CEO of Krispy Kreme Doughnuts, commented: “At Krispy Kreme, we have an 81-year heritage of creating the most awesome doughnut experience imaginable, and today we are delighted to add Insomnia Cookies, a rapidly growing business with an innovative delivery experience and exceptional product that is beloved by consumers. While our companies will continue to operate independently, these two great brands can learn a great deal from each other as we each continue to expand and grow.”
Seth Berkowitz, founder of Insomnia Cookies, added: “Mike and I share the same ambition for our brands: To be the best at what we do and delight consumers with the highest quality sweet treat experiences. My team and I are confident that this shared vision makes Krispy Kreme the ideal partner to support Insomnia through our next phase of growth. We are thrilled to be joining the Krispy Kreme family.”
Insomnia Cookies will continue to operate as an independent, standalone company following the close of the transaction in the fourth quarter 2018 and Seth Berkowitz will continue to lead the company.