Krispy Kreme Refocuses Core Business as Insomnia Cookies Sold

Krispy Kreme sells the majority stake in Insomnia Cookies to Verlinvest and Mistral, retaining 34% and earmarking proceeds for debt reduction and core growth.

Updated On Apr. 28, 2026 Published Apr. 28, 2026

Adrianne Irwin

Opening Frame

From the outset, the announcement read as a deliberate reallocation of assets rather than a retreat. Krispy Kreme would sell the majority stake in Insomnia Cookies to Verlinvest and Mistral Equity Partners, while keeping a 34% minority interest. The arrangement values Insomnia Cookies at about $350 million, roughly doubling the brand’s valuation since Krispy Kreme’s 2018 entry. Cash to Krispy Kreme would total about $172.4 million—$127.4 million upfront and roughly $45 million after intercompany debt refinancing—before a later follow-on sale. The transaction closed on July 17, 2024. “As we build a bigger and better Krispy Kreme, this transaction allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily while also further strengthening our balance sheet.” said Josh Charlesworth, Krispy Kreme’s president and CEO. Seth Berkowitz, Insomnia Cookies’ founder, welcomed the new partners as a natural step in a productive relationship and a path to continued growth.

Deal mechanics unfolded as Krispy Kreme transferred the majority stake to Verlinvest and Mistral Equity Partners while preserving a 34% minority stake. The enterprise value was set at $350 million, and total cash proceeds to Krispy Kreme totaled about $172.4 million, comprising $127.4 million upfront and roughly $45 million after intercompany debt refinancing. The transaction officially closed on July 17, 2024. A subsequent development in June 2025 saw Krispy Kreme complete the sale of its remaining Insomnia Cookies stake for $75 million in cash, illustrating a staged divestiture aligned with monetizing non-core assets and redeploying capital toward the core growth agenda.

Summary

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