Krispy Kreme sold the majority ownership stake of Insomnia Cookies to Verlinvest and Mistral Equity Partners. The transaction is worth USD 350 million, double the value Insomnia Cookies had when Krispy Kreme acquired it in 2018. The transaction closed on July 17, 2024. Krispy Kreme keeps around 34% shares in Insomnia Cookies, as it shifts focus on its “core strategy of producing, selling, and distributing fresh doughnuts daily while also further strengthening our balance sheet,” according to Josh Charlesworth, Krispy Kreme President and CEO. Insomnia Cookies’ founder, Seth Berkowitz, will continue in his role as CEO.

The acquisition follows a five-year partnership between Krispy Kreme and Verlinvest and Mistral.

Clément Pointillart, Verlinvest Managing Director said, “We are enthusiastic about our investment in Insomnia Cookies, an incredible brand so close to our core DNA and at a pivotal point in its growth trajectory. We’re eager to support Seth and help unlock the full potential of the business both in the US and internationally.”

Andrew Heyer, Founder and CEO of Mistral Equity Partners commented, “We are excited to partner with the company through the next phase of its growth. Having known Seth since 2004, we are delighted to have the opportunity to work with him again as well as the best-in-class teams at Krispy Kreme and Verlinvest.”

Insomnia Cookies is a late-night bakery concept headquartered in Philadelphia, PA. It was founded at the University of Pennsylvania by then-student Seth Berkowitz, in 2003. Today, with over 250 locations worldwide, Insomnia Cookies offers a wide variety of cookies, ice cream, and other sweet treats in-store, for local delivery, and shipping.

Photo: Insomnia Cookies social media