Krispy Kreme Acquires Insomnia Cookies
Krispy Kreme Doughnut Corporation acquires a majority stake in Insomnia Cookies, a leading cookie delivery company in the United States. 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.
Insomnia Cookies was founded in 2003 by University of Pennsylvania student Seth Berkowitz. Its stores, which stay open and deliver until 3:00 a.m., are often situated near college campuses, helping it to cater to late night revelers. It has more than 135 locations and sells cookies, brownies and cold milk.
In 2016, investment firm JAB Holding acquired Krispy Kreme for USD1.35bn.
You can read a complete profile of the company Insomnia Cookies in our World Bakers Digital magazine!