Krispy Kreme Doughnut said it is acquiring a majority stake in Insomnia Cookies in a move that helps the coffee and doughnut chain move beyond the glazed treats for which it is known.
The deal is one more — albeit small — building block in the coffee and restaurant empire that European investment firm JAB Holding has been putting together. JAB, which acquired Krispy Kreme in 2016 for $1.35 billion, also owns Keurig Dr Pepper, Peet’s Coffee & Tea and Panera Bread. Insomnia Cookies will continue to operate as an independent, stand-alone company.
The terms of the transaction, which is set to close in the fourth quarter, were not disclosed. Sources previously told CNBC that the deal values Insomnia Cookies at less than $500 million. CNBC first reported the deal Thursday.